Richmond Minerals Inc. Announces $200,000 Non-Brokered Private Placement
Richmond Minerals Inc. Announces $200,000 Non-Brokered Private Placement
TORONTO
,
Feb. 23, 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 4,000,000 units ("
Units
") at a price of CAN$0.05 per Unit, for gross proceeds of approximately
$200,000
(the "
Offering
"). Closing of the
Offering is expected to occur on or about
March 3, 2017
.
Each Unit will consist of one (1) common share in the capital stock of
Richmond
("
Common Share
") and one (1) common share purchase warrant ("
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 twenty-four (24) months
following the closing date of the Offering, whereupon the 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 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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2017/24/c2566.html
%SEDAR: 00009282E
For further information:
please contact: Warren Hawkins, P. Eng., Exploration Manager, E: [email protected], Tel: 416-603-2114, Fax:
416-603-8436
CO: Richmond Minerals Inc.
CNW 15:53e 24-FEB-17