Romarco announces C$32 million non-brokered private placement

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TORONTO, Dec. 12, 2014 /CNW/ - ROMARCO MINERALS INC. (TSX: R) ("Romarco" or the "Company") is pleased to announce it has arranged a non-brokered private placement financing (the "Private Placement") of 64,770,700 common shares of the Company (the "Offered Shares") at a price of C$0.50 per Offered Share for aggregate gross proceeds of C$32,385,350. The Company expects to close the Private Placement on December 18, 2014.  The Private Placement is being executed with several of the Company's largest shareholders including funds under management by BlackRock Investment Management (UK) Limited, Franklin Templeton Investments, and Colonial First State. A total of 10 institutional investors will purchase approximately C$32.2 million of the Offered Shares with insiders subscribing for the balance.

Diane Garrett, President and CEO commented, "We are very pleased some of our largest and longstanding shareholders have once again demonstrated their support and confidence in the Haile Gold Mine - a high grade, low cost, world class asset located in South Carolina, USA.  The timing for this support ensures we have sufficient funds to defend our permits, if necessary, and fulfil our near-term contractual obligations."

Closing of the Private Placement is subject to receipt of approval of the Toronto Stock Exchange. The Offered Shares will be subject to a four month statutory hold period. The Company intends to use the proceeds from the Private Placement for working capital and general corporate purposes.

About Romarco Minerals Inc.

Romarco Minerals Inc. is a gold development company focused on production primarily in the US. The Company has completed a positive Feasibility Study and has received all major permits for its flagship project, the Haile Gold Mine in South Carolina.

Please note:
This entire press release may be accessed via fax, e-mail, Romarco's website at www.romarco.com and through CNW Group's website at www.newswire.ca. All material information on Romarco Minerals Inc. can be found at www.sedar.com.

 

SOURCE: ROMARCO MINERALS INC.

Romarco Minerals Inc. : Dan Symons, Vice President, Investor Relations, Phone: [phone], E-mail: [email protected]