Ressources Appalaches Completes Private Placement of $928,000
RIMOUSKI, QUEBEC, Dec 31, 2008 (MARKET WIRE via COMTEX News Network) --
Ressources Appalaches (TSX VENTURE: APP) ("Appalaches") has completed a private placement of $928,000 with accredited investors and employees, executive officers, directors and consultants. Pursuant to this placement, Appalaches has issued 6,751,200 flow-through common shares at a price of $0.11 per share, 2,320,000 common shares at a price of $0.08 per share, 3,248,000 flow-through common share purchase warrants and 3,320,000 common share purchase warrants.
Each warrant entitles the holder to subscribe for one ordinary share at a price of $0.10 per share, up to 30 June 2010, and each flow-through warrant entitles the holder to subscribe for one ordinary flow-through share at a price of $0.14 per share, up to 30 June 2010.
If, the common shares of Appalaches have a closing price equal to or greater than 50% of the price of warrant for a period of 10 consecutive trading days, Appalaches will have the right, to notify the warrants holders in writing of its intention to change the exercise price of the warrants. Upon receipt of such notice, the holder will have 10 business days to exercise its warrants, failing which their exercise price will be automatically adjusted to 140% of the initial price of the warrant.
In connection with this placement, Appalaches has been paid $89,800 finder's fee and 688,160 compensation options, each of which can be exercised at a price of $0.10 per share until December 30, 2009.
All securities in connection with the placement will be subject to a hold period until May 1, 2009. The proceeds of the placements will be used by Appalaches for exploration work and working capital. Further to the placement Appalaches currently has 70,065,853 shares issued and outstanding common shares.
Additional information concerning these financings is available from the Company. Surf on our Web site www.ressourcesappalaches.com.
The TSX Venture Exchange does not accept any responsibility for the content of this press release as being truthful or accurate.
Contacts: Ressources Appalaches Inc. Andre Proulx President 418-724-0901 Christian Guilbaud Investor Relations 514-813-7862 info@ressourcesappalaches.com
SOURCE: Ressources Appalaches Inc.
mailto:info@ressourcesappalaches.com
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