VANCOUVER, April 28 /CNW/ - Roca Mines Inc. (TSX-V: ROK) ("Roca" or "the Company") announces that it has arranged a $2.5
million private placement with strategic investor SeAH Holdings Corp.
("SeAH"), a company based in Seoul, South Korea listed on the Korean
stock exchange. Proceeds from the financing will be used to recommence
production at the MAX molybdenum mine and for general working capital.
The financing is to comprise 10 million units of the Company at a price
of $0.25 per unit, each unit consisting of one common share and one
half of a share purchase warrant. Each full warrant will be exercisable
into one common share of the Company for twelve months following
closing at a price of $0.30. Closing is subject to satisfactory due
diligence and Republic of Korea and Canadian regulatory approval. No
finder's fees will be payable in connection with this placement.
SeAH is a public company listed on the Korean stock exchange. SeAH is
the holding company of SeAH Group, established in 2001 by separating
SeAH Steel's investment sector and is based in Seoul, South Korea. SeAH
has 14 domestic and 22 overseas subsidiaries/operations with business
areas in special steel producing, pipe manufacturing, IT and energy.
SeAH Besteel Corp., the largest subsidiary of SeAH, is known as the #1
special steel maker in Korea and the company mainly produces automotive
parts and shipbuilding parts for globally renowned automakers and
Having carried out much rehabilitation, planning and engineering it
remains management's goal to restart production at the MAX molybdenum
mine and to continue to advance its permitted 1,000-tonne-per-day
expansion plans. Molybdenum oxide currently trades at approximately
US$17.00 per pound.
ROCA MINES INC.
David J. Skerlec - Chief Financial Officer
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 release.
SOURCE Roca Mines Inc.
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