Richmond Minerals Inc. Increases Previously Announced Private Placement to C$115,000 /NOT FOR DISTRIBUTION TO
Richmond Minerals Inc. Increases Previously
Announced Private Placement to C$115,000
/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
,
Nov. 27, 2020
/CNW/ - Richmond Minerals Inc. (TSXV: RMD) ("
Richmond
" or the
"
Company
") is pleased to announce that, due to investor demand, it will upsize its non-brokered
private placement (the "
Offering
") of flow-through units ("
FT Units
") previously announced in the
Company's
November 2, 2020
news release. The Offering will now consist of the sale of 1,916,666
FT Units at a price of
C$0.06
per FT Unit for aggregate gross proceeds of
C$115,000
.
Each FT Unit will be comprised of one (1) common share of the Company that qualifies as a "flow-
through common share" (a "
FT Share
"), and one-half of one (0.5) common share purchase warrant
(each whole warrant, a "
Warrant
"), with each Warrant entitling the holder thereof to purchase one
additional common share of the Company at a price of
$0.10
for a period of twenty-four (24) months
following the closing of the Offering.
The proceeds from the issuance 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 Offering is expected to close on or about
November 30, 2020
and is subject to receipt of all
necessary regulatory approvals, including approval of the TSX Venture Exchange. The securities
issued pursuant to the Offering will be subject to a statutory hold period of four months and one day
in accordance with applicable securities laws.
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/November2020/27/c8618.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 17:00e 27-NOV-20