October 15, 2012
Rackla Metals Closes $1.1 Million FinancingOctober 15, 2012 - Rackla Metals Inc.
(TSX-V: RAK) is pleased to advise that it has closed its previously announced non-brokered private placement by issuing 3,000,000 flow-through units at $0.10 per unit, and 10,612,500 non flow-through units at $0.08 per unit, for total gross proceeds of $1,149,000. Each unit consists of one common share and one-half of a warrant, each whole warrant entitling the holder to purchase one additional common share of the Company (non flow-through) at $0.10 for two years.
The Company also issued 243,750 common shares and 365,625 warrants as finders' fees in connection with the financing. The finders' fee warrants have the same terms as the unit warrants. All of the shares and warrants have a resale restriction until February 12, 2013.
The net proceeds of the placement will be used for exploration of the Company's properties in the Yukon Territory, and for general working capital purposes.
Rackla Metals controls a portfolio of promising gold projects across Yukon Territory, including two extensive claim blocks in the Rackla belt -an emerging trend of Carlin type gold systems in east-central Yukon- and the Sixty Mile project near Dawson City.
ON BEHALF OF THE BOARD
President and CEO
Contact: Jaclyn Ruptash
Tel: (604) 801-5432; Fax: (604) 662-8829
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of the Company. Actual results may differ materially from those currently anticipated in such statement.