Rocmec Mining Inc. (TSXV:RMI) closed its non-brokered private placement for gross proceeds of $300,000. 8431469 Canada Inc. (Nippon Dragon Resources), an arm’s length party to the Corporation, subscribed for 6,000,000 units of the Corporation at a price of $0.05 per unit.
As quoted in the press release:
Each Unit consists of one common share in the capital of the Corporation (a “Common Share”) and one common share purchase warrant of the Corporation (a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional common share in the capital of the Corporation at a price of $0.10 per common share for a period of 24 months from the closing of the Private Placement, expiring on May 27, 2015.
Due to such subscription of Units, Nippon Dragon Resources holds, directly or indirectly, 11.1% of the issued and outstanding common shares of the Corporation on a non-diluted basis and is therefore a new insider of the Corporation, as that term is defined in applicable securities laws.