TORONTO, Dec. 18, 2012 /CNW/ - (RMD: TSXV) Richmond Minerals (the "Company") pleased to announce that the TSX Venture Exchange (the "Exchange") has granted conditional approval for the Company to raise up to $70,500 by way of a non-brokered Private Placement under Temporary Relief Measures. Richmond will issue up to 4,700,000 units at $0.015 per unit. Each unit consists of one common share a one whole share purchase warrant. Each warrant entitles the holder to purchase an additional common share at a price of $0.05 in the first year following the closing of the Private Placement, and $0.10 in the second year.
The securities issued will be subject to a four month hold period following the closing of this private placement. Use of the proceeds will be for general corporate purposes. The Company also announces the resignation of Michael Sheridan as Director.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the use of the proceeds from the private placement, 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, including that the Company is able to obtain any government or other regulatory approvals required to complete the private placement and Company's planned exploration activities, that the Company is able to complete the private placements. 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 private placement will not be completed. 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 release.
On Behalf of Richmond Minerals,
SOURCE: Richmond Minerals Inc.
For further information:
Richmond Minerals Inc.
133 Richmond Wt. W, Suite 403
Toronto, Ontario M5H 2L3