Redzone Resources Ltd.

Redzone Resources Ltd.

March 08, 2007 17:48 ET

Redzone Resources Ltd. Completes Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 8, 2007) - Redzone Resources Ltd. (the "Corporation") is pleased to announce that it has successfully completed its initial public offering of 2,000,000 common shares (the "Common Shares") at $0.15 per share, for gross proceeds of $300,000 (the "Offering"). As a result of the issuance, the Corporation has 27,300,000 Common Shares issued and outstanding. In connection with the Offering, the Corporation granted to Leede Financial Markets Inc., the agent of the Offering, an option to acquire an aggregate of 200,000 Common Shares (the "Agent's Option") at an exercise price of $0.15 per share. The Agent's Option will expire 24 months from the closing date of the Offering.

The Corporation has also granted options to acquire an aggregate of 200,000 Common Shares at an exercise price of $0.15 per share to the directors and officers of the Corporation, which will expire 5 years from the date of the grant.

The Canadian Trading & Quotation System Inc. (the "CNQ") has approved for listing the Common Shares. It is expected that the Common Shares will commence trading on the CNQ on March 9, 2007 under the trading symbol "REDZ".

Contact Information

  • Redzone Resources Ltd.
    Richard A. Graham
    President and Chief Executive Officer
    (604) 689-1428