TORONTO, Oct. 24, 2017 /CNW/ - Richmond Minerals Inc.
(TSX-V: RMD) ("Richmond") is pleased to announce
that it intends to complete a non-brokered private placement of up
to 1,700,000 hard dollar units ("Units") at a price of
CAN$0.06 per Unit, for gross proceeds of approximately $102,000, and 3,750,000 flow through units (FT
Units") at a price of $0.08 for
gross proceeds of approximately $300,000 (the "Offering"). Closing of the
Offering is expected to occur on or about November 30,
2017.
Each Unit will consist of one (1) common share in the capital
stock of the Issuer ("Common Share") and one common share
purchase warrant (a "Warrant"). Each Warrant will entitle
the holder to purchase one common share at a price of CAN$0.10 per
common share until the date which is two (2) years following the
closing date of the Offering, whereupon the Warrants will
expire.
Each FT Unit will consist of one (1) common share in the capital
stock of the Issuer that is a "flow-through share" within the
meaning of the Income Tax Act (Canada) ("Common Share") and one-half
(½) of one common share purchase warrant (a "FT
Warrant"). Each whole FT Warrant will entitle the holder to
purchase one common share at a price of CAN$0.10 per common share
until the date which is two (2) years following the closing date of
the Offering, whereupon the FT Warrants will expire.
The securities issued and issuable 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 "Canadian exploration expenses"
(within the meaning of the Income Tax Act (Canada)) and for continued exploration on
Richmond's assets 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.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
applicable state securities laws, and may not be offered or sold to
persons in the United States
absent registration or an exemption from such registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
CAUTIONARY STATEMENT: Neither the TSX-V nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX-V) accepts responsibility for the adequacy or accuracy of this
release. This news release contains forward-looking information
which is not comprised of historical facts. Forward-looking
information involves risks, uncertainties and other factors that
could cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking information. Forward looking information in
this news release includes, but is not limited to, Richmond's objectives, goals or future plans,
including successful completion of the Offering. Factors that could
cause actual results to differ materially from such forward-looking
information include, but are not limited to, changes in general
economic conditions and conditions in the financial markets;
changes in demand and prices for minerals; litigation, legislative,
environmental and other judicial, regulatory, political and
competitive developments, and those risks set out in Richmond's public documents filed on SEDAR.
Although Richmond believes that
the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all.
Richmond disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
other than as required by law.
SOURCE Richmond Minerals Inc.