Richmond Minerals Announces Closing of Final Tranche of Non-Brokered Offering
Richmond Minerals Announces Closing of
Final Tranche of Non-Brokered Offering
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
Trading Symbol TSX(V): RMD
Boerse Frankfurt: WKN A1W98A: R52
TORONTO
,
Dec. 1, 2020
/CNW/ - Richmond Minerals Inc. (
TSXV: RMD
) ("
Richmond
" or the
"
Company
") is pleased to announce that further to its news releases of November 3, 2020 and
November 27, 2020
, it has completed the second and final tranche of a non-brokered private
placement (the "
Second Tranche
Offering
") consisting of the sale of 1,916,665 flow-through units
(the "
FT
Units
") at a price of
C$0.06
per FT Unit for aggregate gross proceeds of
C$115,000
.
Each FT Unit issued pursuant to the Second Tranche Offering consisted of one flow-through
common share of the Company and one-half of one common share purchase warrant (each whole
warrant, a "
Warrant
"). Each Warrant shall entitle the holder to purchase one additional common
share at a price of
C$0.10
at any time on or before the date which is 24 months after the closing
date of the Second Tranche Offering.
Richmond
intends to use the net proceeds from the Second Tranche Offering for exploration
purposes. The proceeds from the sale of the flow-through shares comprising part of the FT Units will
be used for "Canadian exploration expenses" and will qualify as "flow-through mining expenditures"
(the "
Qualifying Expenditures
"), as defined in subsection 127(9) of the
Income Tax Act
(
Canada
).
The Company intends to renounce the Qualifying Expenditures to subscribers of FT Units for the
fiscal year ended
December 31, 2020
.
The securities issued and issuable pursuant to the Second Tranche Offering will be subject to a four
month and one day statutory hold period.
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: 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. 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; the ability of
Richmond
to raise funds pursuant to future offerings; risks related
to infectious diseases such as COVID-19; 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.
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.
SOURCE
Richmond Minerals Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/December2020/01/c6118.html
%SEDAR: 00009282E
For further information:
Franz Kozich, President, Warren Hawkins, P. Eng., Exploration Manager,
E: [email protected], Tel: 416-603-2114
CO: Richmond Minerals Inc.
CNW 08:00e 01-DEC-20