On January 2, 2020, RJK Explorations Ltd. (“RJK”, or the “Company”) (TSXV: RJX.A) announced the final closing of its non-brokered private placement offering of Class C units (“Class C Units”) and of flow-through units (“FT Units”). RJK raised a total of $1,150,000 from the two private placements.
RJK was represented by WeirFoulds LLP, with a team consisting of Conor Dooley, Rob Eberschlag, Aashima Singh (securities), Ryan Morris (tax), and Agatha Suszek.
Each Class C Unit consisted of one convertible Series 1 Class C Preference Share and one share purchase warrant exercisable for one Class A Subordinate Voting Share of the Company (“Warrant”). The purchasers of the Class C Units also entered into an agreement with the Company pursuant to which the Company granted them the option to purchase a 2.5% gross overriding royalty on the Company’s Bishop claims, subject to the publication by the Company of a “bankable” feasibility study on the Bishop claims. Pursuant to the terms of the Royalty Shares and the Royalty Shareholders Agreement, the Royalty Shares include a phased voluntary conversion right.
Each FT Unit consists of one Class A Share and one Warrant, each issued on a “flow-through” basis.
RJK Explorations Ltd. is a Canada-based mineral exploration company with its resource properties located in Ontario and Newfoundland.
WeirFoulds is pleased to have assisted RJK in the transactions.
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