Roxmark completes $1.18 million flow-through financing

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[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 18 /CNW Telbec/ - Roxmark Mines Limited (TSXV - RMK)\n(CNQ - RMKL) announces the completion of a $1,176,915 non-brokered private\nplacement financing. Participants in the financing include two specialized\nfunds and six private investors.\n\n\nGross proceeds of $1,176,915 were raised in connection with the issuance\nof 3,795,500 flow-through units at a price of $0.31 per unit. Each unit\nconsists of one common share and one warrant, issued on a "flow-through"\nbasis. Each warrant entitles the holder to purchase one common share at a\nprice of $0.45 until December 14, 2008 and thereafter at $0.55 until\nDecember 14, 2009, subject, in each case, to the right of Roxmark to\naccelerate the expiry date of the warrants under certain conditions.\n\n\nRoxmark paid an aggregate cash finder's fee in the amount of $36,526 and\ngranted an aggregate 188,520 non-transferable finder warrants to registered\ndealers and other persons permitted under applicable securities laws who acted\nas finders for the financing. Each finder warrant entitles the holder to\npurchase one common share at $0.31 until December 14, 2009 and is subject to\nacceleration of expiry on the same terms as the warrants comprising part of\nthe units.\n\n\nThe securities issued pursuant to the financing are subject to a hold\nperiod expiring on April 15, 2008.\n\n\nProceeds of the financing will be used to fund the exploration and\ndevelopment program to advance Roxmark's holdings of the Northern Empire Gold\nMine and the Nortoba gold and molybdenum property in the Beardmore mining camp\nin Northern Ontario.\n\n\nAs previously announced, Roxmark will commence a drilling program to test\nthe additional known strike length of 1,200 metres still undrilled on the west\nextension of the Contact Zone at its Northern Empire property. Roxmark also\nannounced that it is planning to reopen the Northern Empire Mine and develop\nthe resources from underground workings.\n\n\nThe Northern Empire Mine was operated successfully by Newmont Mines from\n1934 to 1941. The mine was serviced by a shaft to a depth of 2,460 feet and\nproduced 149,000 ounces of gold from 426,000 tons of ore at a recovered grade\nof 0.35 oz/t Au. The on-site 200TPD mill (expandable to 500TPD) was built in\n1982 and upgraded and permitted by Roxmark. It processed gold and molybdenum\nor...

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