Richmond Minerals Inc. announces closing of non-brokered private placement

TSX Venture: RMD

TORONTO, Nov. 25 /CNW/ - Richmond Minerals Inc. (the "Company") announces that the non-brokered private placement announced on November 2, 2009, closed yesterday. The Company raised $205,000 through the issuance of 4,100,000 flow through units at a price of $0.05 per flow through unit, each flow through unit consisting of one common share and one share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of $0.15 per share for one year from the date of issuance.

The Company also raised $68,200 through the issuance of 1,364,000 common units at a price of $0.05 per common unit, each common unit consisting of one common share and one share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of $0.10 per share for two years from date of issuance. The Company also issued 341,000 finder's units valued at $17,050 ($0.05 per unit) in connection with the issuance of the common units. Each finder's unit consists of one common share and one share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of $0.10 per share for two years from the date of issuance.

The shares being issued are subject to a four month hold period and restrictions on trading by the TSX Venture.

The proceeds of the flow through financing will be used for an exploration program on the Company's Halle Property in the Province of Quebec. The proceeds of the non-flow through financing will be used for working capital purposes.

Richmond Minerals Inc. is engaged in base and precious metal mining and related activities, including exploration and development in Northern Ontario and Quebec.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.
    

%SEDAR: 00009282E

SOURCE Richmond Minerals Inc.

For further information: For further information: Birks Bovaird, President, or Warren Hawkins, Exploration Manager, Telephone: (416) 603-2114, E-mail: info@richmondminerals.com


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