Ram Power successfully raises $5.4 million in rights issue

Ram Power successfully raises $5.4 million in rights issue San Jacinto power plant (source: Ram Power)
Alexander Richter 8 Jan 2014

Ram Power, Corp. successfully raises $5.4 million in rights issue. Proceed will be used to fulfill interest payment obligations and for working capital and corporate purposes.

Announced already on December 24, 2013, developer Ram Power Corp. (TSX:RPG) has successfully completed its previously announced offering of rights to holders of its common shares of record at the close of business on November 26, 2013. A total of approximately 67 million Common Shares were issued pursuant to the Rights Offering.

The Rights Offering raised gross proceeds of approximately $5.4 million. The net proceeds from the Rights Offering will be used by Ram Power to fulfill upcoming interest payment obligations to the holders of Ram Power’s outstanding debentures in the aggregate amount of approximately $2,180,000 due December 31, 2013 and for general corporate and working capital purposes.”

Source: Company release via MarketWired