VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 17, 2016) - Royalty North Partners Ltd. (TSX VENTURE:RNP) (the "Company") (formerly Bluefire Mining Corp.), is pleased to announce that it has closed its private placement of 16,896,010 units to raise gross proceeds of $844,800 and has changed its name to "Royalty North Partners Ltd." as previously announced in its news release dated February 3, 2016.
Each unit issued under the private placement consisted of one common share and one transferable warrant exercisable to purchase an additional common share at a price of $0.10 until February 17, 2021. The shares, warrants and any warrant shares issued upon exercise of the warrants are subject to a hold period and may not be traded until June 18, 2016 except as permitted by applicable securities legislation and the rules and policies of the TSX Venture Exchange.
The Company intends to use the proceeds of the private placement to fund the search for royalty transactions.
Certain directors and officers of the Company participated in the private placement by purchasing an aggregate of 3,960,850 units. Accordingly, the private placement constituted to that extent a "related party transaction" under applicable Canadian securities laws. The Company did not file a material change report more than 21 days before the expected closing of the private placement as the details of the private placement and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons.
Change of Name and Trading Symbol
The Company changed its name to "Royalty North Partners Ltd." effective today. The Company's shares are now listed under the new symbol "RNP", however, trading of the Company's shares remains halted. The CUSIP number assigned to the Company's shares has been changed to 78081M109 (ISIN: CA 78081M1095).
On behalf of the Company,
Justin Currie, Chief Executive Officer and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.