Rainmaker Mining Corp
TSX VENTURE : RMG

April 01, 2014 08:45 ET

Rainmaker Mining Corp. Closes Non-Brokered Private Placement of CDN$1,139,750

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 1, 2014) - Rainmaker Mining Corp. ("Rainmaker") (TSX VENTURE:RMG) is pleased to announce that on March 31, 2014 it closed its non-brokered private placement through the issuance of 7,598,332 units for gross proceeds of $1,139,750. The placement as originally announced on February 27, 2014 was over-subscribed by 598,332 Units.

Each issued unit consists of one common share of the Company and one half non-transferable share purchase warrant with one full warrant being exercisable to purchase one additional common share of Rainmaker at a price of $0.20 for period of 24 months following the closing of the private placement, subject to an early acceleration provision.

In addition, the Company paid cash commissions of $52,102.10 and issued 77,600 finder's warrants in connection with the Placement, each finder's warrant being exercisable to purchase one additional share of the Company at a price of $0.20 for a period of 24 months from the Date of Closing.

The securities issued consisting of shares, warrants and finder's warrants and any shares acquired by the holders on the exercise of the warrants are subject to a four-month hold expiring on July 2, 2014. The Warrants attached to the Unit will become callable on 30 days' notice in the event the Company's shares trade at a price of $0.40 per share or greater for a 20 day trading period after the four month hold period expires on the securities sold.

The proceeds of the Offering will be used by the Company to explore and develop its recently acquired property for silica sand potential and for general working capital of the Company.

This News Release has been prepared on behalf of the Directors of Rainmaker Mining Corp. who accepts responsibility for its contents.

On Behalf of the Board of Directors,

Rainmaker Mining Corp.

Rick Patmore, President, CEO and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Rainmaker Mining Corp.
    Suite 217-179 Davie Street
    Vancouver, British Columbia V6Z 2Y1
    (604) 669-3233
    (604) 689-4626 (FAX)