Rift Basin Resources Corp.

Rift Basin Resources Corp.

July 08, 2013 16:27 ET

Rift Basin Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 8, 2013) - Rift Basin Resources Corp. (TSX VENTURE:RIF) (the "Company" or "Rift Basin") announces that it has closed the non-brokered private placement of units (the "Private Placement") previously announced in its news release of May 14, 2013.

The closing consisted of 1,850,000 units (the "Units") at a price of $0.08 per Unit for gross proceeds of $150,000. Each Unit consists of one common share of the Company (a "Common Share") and one-half of a Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.20 until July 7, 2014, provided however that the Company is entitled to accelerate the expiry date of the Warrants to the date that is 30 days following the date the Company issues a news release announcing that the published closing price of the Common Shares on the TSX Venture Exchange has been equal or greater than $0.30 for any ten consecutive trading days after November 9, 2013.

All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The net proceeds from the Offering will be used by the Company for general corporate purposes and may be used in connection with acquisition due diligence costs.

About Rift Basin

The Company is listed on the TSX Venture Exchange under the symbol "RIF". The Company is currently listed as a Tier 2 mining issuer and is seeking to become an oil and gas issuer. Additional information about Rift Basin is available under Rift Basin's SEDAR profile at www.sedar.com.


Wayne Koshman, Chief Executive Officer

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

Contact Information

  • Rift Basin Resources Corp.
    Wayne Koshman
    Chief Executive Officer
    (604) 608-1999
    (604) 688-0854 (FAX)