TORONTO, April 29, 2015 /CNW/ - Red Tiger Mining
Inc., (TSXV-RMN), (the "Company") has announced a
non-brokered private placement to, among other potential investors,
insiders and persons who may become insiders of the Company
("Insiders") for gross proceeds of up to US$1,000,000 (the "Private Placement")
consisting of common shares of the Company (each, a "Share")
at a price of CAD$0.055 per Share.
The proceeds are expected to be used by the Company for general
working capital purposes.
The Company has also announced that it has closed a first
tranche of the Private Placement. MMC Holding, a company owned or
controlled, directly or indirectly, by Mr. Maxim Finskiy, a director of the Company,
acquired 10,928,181 Shares for gross proceeds of US$500,000.
No commission or finder's fee is expected to be paid in
connection with the Private Placement. The Shares are being offered
pursuant to exemptions from prospectus requirements of applicable
securities legislation and will be subject to a hold period of four
months and a day from their date of issuance. The Shares issued in
the first tranche of the Private Placement are subject to a hold
period expiring on August 30,
2015.
Any subscriptions by Insiders will be considered to be related
party transactions within the meaning of TSX Venture Exchange
("TSXV") Policy 5.9 which incorporates Multilateral
Instrument 61-101 ("MI 61-101"). The Company is relying on
the exemptions from the valuation and minority shareholder approval
requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a)
of MI 61-101 in respect of such participation.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
This press release contains forward-looking information which
is not comprised of historical facts. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward-looking information contained or referred to
in this press release includes, but may not be limited to, the
existence of other potential investors, use of proceeds, the
payment of commission or finder's fees and the availability of and
the Company's reliance upon, certain exemptions from applicable
securities law and/or TSXV requirements.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, the inability of the Company to close a
further tranche or tranches of the Private Placement and the
inability of the of the Company to rely on exemptions from
applicable securities law and/or TSXV requirements, as well as
certain other risks set out in the Company's public documents filed
under the Company's profile on SEDAR at www.sedar.com.
The forward-looking information in this press release
reflects the current expectations, assumptions and/or beliefs of
the Company based on information currently available to the
Company. In connection with the forward-looking information
contained in this press release, the Company has made assumptions
about: the Company's business, the economy and the Company's
industry in general and the Company's ability to raise additional
financing. The Company has also assumed that no significant events
occur outside of the Company's normal course of business. Although
the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
SOURCE Red Tiger Mining Inc.