03:35 PM EST, 12/10/2019 (MT Newswires) -- Red Pine Exploration (RPX.V) was up by more than a fourth after the company on Tuesday said it will raise up to C$4 million in a private placement of flow-through and common share units.

The company said the flow-through units, priced at C$0.035, will be made up of a tax-advantaged share and one half of a two-year warrant to buy a common share for C$0.05. The common share units, priced at C$0.035, are made up of a share and a whole two-year warrant to buy a share for C$0.05.

Red Pine said it expects to raise between C$2 million and C$4 million in the offer. Should it reach the maximum, it will have sold 114.29 million shares and 85.71 million warrants.

The company's shares were last seen up C$0.01 to C$0.045 on the TSX Venture Exchange.

Price: 0.05, Change: +0.02, Percent Change: +50.00