TORONTO, Dec. 13, 2016 /CNW/ - Richmond Minerals
Inc. (TSX-V: RMD) ("Richmond" or the
"Company") is pleased to announce that it intends to
complete a non-brokered private placement financing for aggregate
gross proceeds of up to $200,000 (the
"Offering"). The Offering will consist of the sale of
flow-through units ("FT Units") at $0.06 per FT Unit and the sale of hard dollar
units ("HD Units") at $0.05
per HD Unit.
Each FT Unit will consist of one common share in the capital
stock of Richmond ("Common Share") issued on a
flow-through basis and a ½ Common Share purchase warrant ("FT
Warrant"). Two FT Warrants will entitle the holder purchase one
Common Share a price of $0.10 per Common Share until the
date which is 24 months following the closing date of the Offering,
whereupon the FT Warrants expire. Each HD Unit will consist of one
Common Share and a ½ Common Share purchase warrant ("HD
Warrant"). Each HD Warrant will entitle the holder to acquire
one Common Share for $0.10 for a
period of 24 months from the date of issuance. The securities
issued pursuant to the Offering will be subject to a four month and
one day statutory hold period.
Richmond intends to use the net proceeds from the Offering
to fund continued exploration on Richmond's Ridley Lake
Project and for general working capital purposes. The Offering is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals, including the approval of the
TSX Venture Exchange ("TSX-V") and applicable securities
regulatory authorities.
Cautionary Note Regarding Forward-Looking Statements: Certain
disclosure in this release constitutes forward-looking statements.
In making the forward-looking statements in this release, the
Company has applied certain factors and assumptions that are based
on the Company's current beliefs as well as assumptions made by and
information currently available to the Company. Although the
Company considers these assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect, and the forward-looking statements in this release are
subject to numerous risks, uncertainties and other factors that may
cause future results to differ materially from those expressed or
implied in such forward-looking statements. Readers are cautioned
not to place undue reliance on forward-looking statements. The
Company does not intend, and expressly disclaims
any intention or obligation to update
or revise any forward-looking statements whether as
a result of new information, future events or otherwise, except as
required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
On Behalf of Richmond Minerals,
Franz Kozich
President
SOURCE Richmond Minerals Inc.