Toronto-based royalty company Redstone Resources (TSE) has entered an agreement with Yorkton Securities, First Marathon Securities and Gordon Capital to issue three million special warrants at $5.50 each.
The warrants can be converted into one common share and half a purchase warrant. A full purchase warrant plus $6.50 can be redeemed for a Redstone share for a period of up to three years.
Franco-Nevada Mining (TSE) plans to exercise all 400,000 of its existing warrants to maintain a 32.2% controlling interest in Redstone. Proceeds will go towards acquiring additional mineral royalties. The transaction is subject to regulatory approval.
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