Richmond Minerals Inc. Announces $100,000 Non-Brokered Private Placement
Richmond Minerals Inc. Announces $100,000
Non-Brokered Private Placement
TORONTO
,
Oct. 20, 2020
/CNW/ - Richmond Minerals Inc. (TSXV: RMD) ("
Richmond
") is pleased
to announce that it intends to complete a non-brokered private placement for aggregate gross
proceeds of
$100,000
(the "
Offering
"). The Offering consists of the sale of up to 1,666,666 flow
through units ("
FT Units
") at a price of
$0.06
per FT Unit.
Each FT Unit consists of one (1) common share in the capital stock of the
Richmond
that is a "flow-
through share" within the meaning of the
Income Tax Act
(
Canada
) (the "
Act
")
and one-half (½) of
one common share purchase warrant (a "
FT
Warrant
"). Each whole FT Warrant will entitle the
holder to purchase one (1) common share at a price of
$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.
Richmond
intends to use the net proceeds from the Offering to fund "Canadian exploration
expenses" (within the meaning of the
Act
) for continued exploration on
Richmond's
assets.
Richmond will ensure that the proceeds received from the amount allocated to the common shares
comprising part of the FT Units sold will be used to incur expenses which qualify as Canadian
Exploration Expenses and Flow-Through Mining Expenditures for purposes of the
Act
and will
renounce such expenses with an effective date of no later than
December 31, 2020
.
The securities issued and issuable pursuant to the 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: 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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2020/20/c3086.html
%SEDAR: 00009282E
For further information:
Warren Hawkins, P. Eng., Exploration Manager, E:
[email protected], Tel: 416-603-2114, Fax: 416-603-8436
CO: Richmond Minerals Inc.
CNW 17:00e 20-OCT-20