Red Moon Closes First Tranche of $3.5 Million Financing
Red Moon Resources Inc. (“the Company” – “Red Moon” – TSXV: RMK) is pleased to announce that it has closed a first tranche of 3,524,003 units for proceeds of $1,233,401 from the previously announced private placement of $3,500,000 in units priced at $0.35 (refer to Feb. 17, 2021 news release). The balance of $2,266,599 will close next week.
Each unit consists of one common share and one half of a common share warrant, with each whole warrant exercisable at a price of $0.55 per common share for a period of two years following closing.
Proceeds of the financing will go toward completing a Feasibility Study for the Great Atlantic Salt Project featuring a large and homogeneous high-grade resource strategically located near a deep-sea port in western Newfoundland. Financing proceeds will also go toward further exploration and development of the Company’s gypsum and nepheline projects.
The securities issued will have a four-month hold period as per applicable regulations. The financing is subject to TSX Venture Exchange approval.
About Red Moon Resources
Red Moon Resources Inc. is an emerging commodities leader in Atlantic Canada, focused on Newfoundland and Labrador, with 100% ownership of the Great Atlantic salt deposit in addition to a producing gypsum mine and an early-stage nepheline discovery.
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information.