Vancouver (pcJ News Briefs) – Redzone Resources Ltd. (TSX-V: REZ) intends to complete a non-brokered private placement financing of up to 1,875,000 units at $0.16 per unit for gross proceeds of up to $300,000. Insiders may acquire up to 50% of the units sold pursuant to the offering.
Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one share for $0.24 for a period of two years from the date of issuance, subject to accelerated expiry.
Redzone Resources intends to use the net proceeds to finance its review of potential acquisition targets including the completion of associated due diligence, and to advance a drilling permit application of its Fortnum lithium property located in Arizona.
Redzone Resources Ltd. is a mineral exploration company with a current focus on Lithium.
photo credit: Redzone Resources