In order to fund further mineral royalty acquisitions, Redstone Resources (TSE) will issue two million special warrants at $4 per warrant to raise $8 million.
Each special warrant will be convertible into one common share of Redstone and one warrant to purchase an additional common share of Redstone for $5 over three years.
To maintain its controlling interest in Redstone at 36%, Franco-Nevada Mining (TSE) will subscribe to 400,000 special warrants.
In other developments, Redstone has acquired a package of royalties on 12 former Anaconda Minerals properties. The royalties cover copper, zinc, lead, sulphur, uranium, and zeolite deposits in the U.S. and include both current and former producing mines and mineral properties with significant exploration commitments.
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