VANCOUVER, Nov. 1, 2012 /CNW/ - Rathdowney Resources Ltd. ("Rathdowney" or the "Company") (TSXV: RTH) is pleased to announce that it has closed a non-brokered private placement (the "Offering") with Teck Resources Limited which was announced on October 1, 2012. The Offering consisted of 700,000 common shares at $0.50 per share for total proceeds of C$350,000. The shares are subject to applicable resale restrictions, including a four-month hold period under Canadian securities laws from the date of issuance.
The proceeds from the Offering will be used for general working capital purposes.
Rathdowney Resources Ltd. is a mineral exploration company focused on finding and developing the next generation of zinc-lead-silver deposits in the ore fields of Europe. The Company's Project Olza is a Mississippi Valley Type (MVT) zinc-lead prospect situated in Poland's prolific Upper Silesian mining district which has been a centre of exploration and mining activity since 12th century.
Rathdowney is associated with Hunter Dickinson Inc. ("HDI") a diversified, global mine development company with a 25-year history of mineral development success. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral properties that provide consistently superior returns to shareholders.
President & CEO
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.
This release includes certain statements that may be deemed "forward‐looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward‐ looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward‐looking statements. Factors that could cause actual results to differ materially from those in forward‐looking statements include market prices, exploitation and exploration successes, continuity of mineralization, potential environmental issues or liabilities associated with exploration, development and mining activities, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward‐ looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
SOURCE: Rathdowney Resources Ltd.
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For further details on the Company and its projects, please visit www.rathdowneyresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.