Richmond Minerals Inc. Announces Closing of Non-Brokered Private Placement

TORONTO, Jan. 7, 2016 /CNW/ - Richmond Minerals Inc. (the "Corporation") is pleased to report the closing of its previously announced non-brokered private placement financing. The Corporation raised aggregate gross proceeds of $121,010 through the sale of 585,000 non flow-through ("hard dollar") units and 1,143,714 flow through ("FT") units, both priced at $0.07 per unit. The Corporation paid an aggregate of $1,982 in finder's fees.

Each hard dollar and FT unit consisted of one common share of Richmond and a ½ common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of Richmond at a price of $0.12 per common share until the date which is 18 months following the closing of this Offering, whereupon the warrants expire. All securities issued are subject to a four month statutory hold period, and completion of this Offering is subject to the approval of the TSX Venture Exchange.

The net proceeds from the sale of the hard dollar and FT units will be used to fund continued diamond drilling of the Corporation's Ridley Lake project positioned in the heart of the Swayze Greenstone belt approximately 23 miles east of the Goldcorp's Borden Gold Project located just outside Chapleau, Ontario

CAUTIONARY STATEMENT: Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Richmond's objectives, goals or future plans, including successful completion of the Offering. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments, and those risks set out in Richmond's public documents filed on SEDAR. Although Richmond believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Richmond disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

SOURCE Richmond Minerals Inc.

For further information: Franz Kozich, President & Chief Executive Officer or Warren Hawkins, Exploration Manager, E: [email protected], Tel: [phone], Fax: [phone]