Under a private agreement with Northfield Capital (COATS) and the Equity Group of Toronto, Northfield Minerals is acquiring 7,580,461 common shares and 300,000 special shares of Rockford in exchange for 1.9 million shares of Northfield Minerals.
As Northfield Minerals and one of its directors, Robert Cudney, already hold 461,123 common and 40,000 special Rockford shares, the transaction will increase their interest to 47% of the latter company’s 17.1 million shares outstanding.
Northfield currently has more than 9.8 million issued and outstanding common shares.
When the transaction closes May 29, the Equity Group will hold an aggregate 4.3 million Northfield Minerals common shares representing a 36.5% interest. In addition, Northfield Capital will hold 5.2 million shares of Northfield Minerals representing a 44.6% interest.
As part of the agreement, the Equity Group has agreed to sell to Northfield Minerals warrants and options to buy up to 885,870 Rockford common shares at prices ranging between 25 cents and 30 cents up to Dec 31.
The shares can be exchanged for warrants to purchase up to 885,870 Northfield Minerals common shares at $1 per shares. The warrants are scheduled to expire Dec 31.
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