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
For further information: Birks Bovaird, President, or Warren Hawkins, Exploration Manager, Telephone: (416) 603-2114, E-mail: [email protected]
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