TORONTO, Dec. 29, 2016 /CNW/ - Richmond Minerals
Inc. (TSX-V: RMD) ("Richmond" or the
"Company") is pleased to announce that it has completed a
non-brokered private placement financing for aggregate gross
proceeds of $134,998.98. The private
placement consisted of the sale of flow-through units ("FT
Units") at $0.06 per FT Unit.
Each FT Unit consisted 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 entitle the holder to 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. The securities issued pursuant to
the Offering will be subject to a four month and one day statutory
hold period.
Finder's fees of $7,600 cash and
126,667 compensation warrants are to be paid to finders. Two
compensation warrants entitle the holder to 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 compensation warrants expire.
Richmond intends to use the net proceeds from the private
placement to fund continued exploration on Richmond's Ridley
Lake Project. The private placement 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.