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Red Eagle Mining raising C$5.6M for Santa Rosa project

Red Eagle Mining Corp. said Dec. 19 that it will raise up to about C$5.6 million through the private placement of 16,045,454 units at 35 Canadian cents apiece.

Each unit will comprise 1 common Red Eagle Mining share and a warrant exercisable for 1 common share at 50 cents until Aug. 7, 2022.

The proceeds are earmarked for working capital at the company's Santa Rosa gold project in Colombia, and the financing is expected to close on or around Dec. 21, subject to the approval of the Toronto Stock Exchange.