VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 29, 2017) - Redzone Resources Ltd. ("Redzone" or the "Company") (TSX VENTURE:REZ) announces that it has completed its previously announced non-brokered private placement (the "Offering") pursuant to which it issued an aggregate of 7,600,000 units ("Units") at a price of $0.16 per Unit to raise gross proceeds of $1,216,000. Each Unit is comprised of one common share of the Company (a "Common Share") and one-half of one share purchase warrant, with each whole share purchase warrant entitling the holder to acquire one additional Common Share at an exercise price of $0.24 for a period of two years, subject to acceleration in the event that the closing price of the Common Shares is equal to or exceeds $0.40 for 20 consecutive trading days at any time following the date which is four months and one day after closing, all in accordance with the terms of the certificates representing such share purchase warrants.
In connection with the Offering, the Company also issued an aggregate of 608,000 broker warrants to certain finders, each entitling the holder to acquire one Unit at an exercise price of $0.16 for a period of two years.
The Offering remains subject to the receipt of final regulatory approvals. All securities issued and issuable in the Offering are subject to a statutory hold period expiring on April 30, 2018.
