TORONTO, Jan. 14, 2014 /CNW/ - Richmond Minerals Inc. (TSXV: RMD)
("Richmond" or the "Company") is pleased to announce that it has
received funding for $185,000 that includes a $105,000 non-brokered
common share private placement (the "Offering") and an $80,000 loan.
Under the terms of the Offering, Richmond will issue 2,100,000 units
priced at $0.05 per unit. Each unit consists of one common share issued
on a "flow through" basis, plus one whole share purchase warrant
entitling the holder thereof to purchase an additional "non-flow
through" common share of Richmond at a price of $0.10 for a period of
18 months. The flow through common shares will be subject to a four
month hold period following the closing of the Offering. Proceeds will
be used to fund exploration work on the Company's Swayze area gold
properties during 2014, and Richmond will renounce the qualifying
expenditures to subscribers of the Offering for the fiscal year ended
December 31, 2013.
The $80,000 loan was provided by an Insider of the Company and will be
used for general working capital purposes. It bears an annual interest
rate of 12% and has 24 month duration. Richmond can re-pay the loan at
any time without penalty.
In connection with the Offering, Richmond will pay a finder's fee of
$3,500 and issue 70,000 finder's warrants. The Offering is subject to
TSX-Venture Exchange acceptance.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure
in this release constitute forward-looking statements. In making the
forward-looking statements in this release, the Company has applied
certain factors and assumptions that are based on the Company's current
beliefs as well as assumptions made by and information currently
available to the Company. Although the Company considers these
assumptions to be reasonable based on information currently available
to it, they may prove to be incorrect, and the forward-looking
statements in this release are subject to numerous risks, uncertainties
and other factors that may cause future results to differ materially
from those expressed or implied in such forward-looking statements.
Such risk factors include, among others, that the litigation will be
resolved. Readers are cautioned not to place undue reliance on
forward-looking statements. The Company does not intend, and
expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news
On Behalf of Richmond Minerals,
President and CEO
SOURCE: Richmond Minerals Inc.
For further information:
Franz Kozich, President or Warren Hawkins, Exploration Manager at (416) 603-2114.