TORONTO, July 31, 2017 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) ("Richmond") is pleased to announce that it has completed a non-brokered private placement financing for aggregate gross proceeds of $249,600 (the "Offering"), further to its announcement on June 27, 2017. The Offering consisted of the sale of 4,160,000 units (each, a "Unit") at a price of $0.06 per Unit.
Each Unit consists of one (1) common share in the capital stock of Richmond that is a "flow-through share" (the "FT Share") within the meaning of the Income Tax Act (Canada) (the "Act") and one-half of a common share purchase warrant (the "Warrant"). Each whole Warrant will entitle the holder thereof to acquire one common share, which is not a "flow-through share" within the meaning of the Act, of Richmond at a price of $0.10 until a period of two (2) years following the closing date of the Offering, whereupon the Warrants will expire.
The securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period.
Richmond will ensure that the proceeds received from the amount allocated to the FT Shares comprising part of the Units sold will be used to incur expenses which qualify as Canadian Exploration Expenses and Flow-Through Mining Expenditures for purposes of the Act, and will renounce such expenses with an effective date of no later than December 31, 2017.
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 news 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 statements regarding, among other things, Richmond's objectives, goals and future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes, changes in general economic conditions and conditions in the financial markets, and changes in demand and prices for minerals. Although Richmond believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that the proceeds from the Offering will be expended as currently contemplated, 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 applicable securities laws.
SOURCE Richmond Minerals Inc.
For further information: Warren Hawkins, P. Eng., Exploration Manager, E: [email protected], Tel: 416-603-2114, Fax: 416-603-8436