TORONTO, Dec. 18 /CNW Telbec/ - Roxmark Mines Limited (TSXV - RMK)
(CNQ - RMKL) announces the completion of a $1,176,915 non-brokered private
placement financing. Participants in the financing include two specialized
funds and six private investors.
Gross proceeds of $1,176,915 were raised in connection with the issuance
of 3,795,500 flow-through units at a price of $0.31 per unit. Each unit
consists of one common share and one warrant, issued on a "flow-through"
basis. Each warrant entitles the holder to purchase one common share at a
price of $0.45 until December 14, 2008 and thereafter at $0.55 until
December 14, 2009, subject, in each case, to the right of Roxmark to
accelerate the expiry date of the warrants under certain conditions.
Roxmark paid an aggregate cash finder's fee in the amount of $36,526 and
granted an aggregate 188,520 non-transferable finder warrants to registered
dealers and other persons permitted under applicable securities laws who acted
as finders for the financing. Each finder warrant entitles the holder to
purchase one common share at $0.31 until December 14, 2009 and is subject to
acceleration of expiry on the same terms as the warrants comprising part of
The securities issued pursuant to the financing are subject to a hold
period expiring on April 15, 2008.
Proceeds of the financing will be used to fund the exploration and
development program to advance Roxmark's holdings of the Northern Empire Gold
Mine and the Nortoba gold and molybdenum property in the Beardmore mining camp
in Northern Ontario.
As previously announced, Roxmark will commence a drilling program to test
the additional known strike length of 1,200 metres still undrilled on the west
extension of the Contact Zone at its Northern Empire property. Roxmark also
announced that it is planning to reopen the Northern Empire Mine and develop
the resources from underground workings.
The Northern Empire Mine was operated successfully by Newmont Mines from
1934 to 1941. The mine was serviced by a shaft to a depth of 2,460 feet and
produced 149,000 ounces of gold from 426,000 tons of ore at a recovered grade
of 0.35 oz/t Au. The on-site 200TPD mill (expandable to 500TPD) was built in
1982 and upgraded and permitted by Roxmark. It processed gold and molybdenum
ores in 2005 and 2006, respectively.
About Roxmark Mines
Roxmark Mines Limited is the leader in gold and molybdenum exploration
and development in the historically significant Geraldton-Beardmore area of
Northwest Ontario. In the last two years, Roxmark has generated cash flow from
bulk-sampled gold and molybdenum processed at its fully-permitted mill and has
the advantage of infrastructure from six formerly highly productive gold mines
located on its properties. These mines previously produced nearly two million
ounces of gold from high grade ore but were closed primarily due to
dramatically lower gold prices at the time and to boundary issues, since
Further information is available on Roxmark's website at www.roxmark.com
and on SEDAR under the Roxmark's profile at www.sedar.com.
This news release includes certain "forward-looking statements". Such
forward-looking statements involve risks and uncertainties. The results or
events predicted in these forward-looking statements may differ materially
from actual results or events. Any forward-looking statement speaks only as of
the date of this news release and, except as may be required by applicable
securities laws, Roxmark disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future
events or results or otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
For further information:
For further information: Monir Younan, President, Roxmark Mines Limited,
801- 80 Richmond St. West, Toronto, Ontario, M5H 2A4, (416) 860-1636, Fax:
(416) 360-7355, email@example.com, www.roxmark.com; Renmark Financial
Communications Inc.: Christine Stewart: firstname.lastname@example.org, Barbara
Komorowski: email@example.com, (514) 939-3989, Fax: (514)