Redhill Closes Private Placement for $2,840,000
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/15/11 -- Redhill Resources Corp. (TSX VENTURE: RHR) ('Redhill' or the 'Company') is pleased to report it has closed its non-brokered private placement of 28,400,000 units at price of $0.10 per unit for gross proceeds of $2,840,000. Each unit is comprised of one common share and one share purchase warrant exercisable at a price of $0.15 for a period of two years.
Proceeds from the private placement will be used to fund exploration on the Company's Gascoyne Projects, to advance the Honey Comb Hills and Morgan rare-earth properties and for general working capital.
Finders' fees totaling $61,680 were paid in conjunction with the private placement.
All securities issued pursuant to this Private Placement are subject to a 4-month hold period from the Closing Date.
REDHILL RESOURCES CORP.
Graham Harris, Chairman
'This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.'
'The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.'
Contacts:
Redhill Resources Corp.
Investor Relations
604-662-8184 or Toll Free: 1-877-662-8184
604-602-1606 (FAX)
investor@redhill-resources.com
www.redhill-resources.com