Roxmark completes second tranche of flow-through financing

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[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 24 /CNW Telbec/ - Roxmark Mines Limited (TSXV - RMK)\n(CNQ - RMKL) announces the completion of the second and final tranche of\nnon-brokered private placement financing.\n\n\nThe Second tranche consisted of 115,000 flow-through units were issued at\na price of $0.31 per unit for gross proceeds of $35,650. Each unit consists of\none common share and one warrant, issued on a "flow-through" basis. Each\nwarrant entitles the holder to purchase one common share at a price of $0.45\nuntil December 24, 2008 and thereafter at $0.55 until December 24, 2009,\nsubject, in each case, to the right of Roxmark to accelerate the expiry date\nof the warrants under certain conditions. The securities issued pursuant to\nthe financing are subject to a hold period expiring on April 25, 2008.\n\n\nAn aggregate of 3,911,500 units were issued in connection with the two\ncloses of private placement for gross proceeds of $1,212,565. Roxmark paid an\naggregate cash finder's fee in the amount of $36,526 and granted an aggregate\n188,520 non-transferable finder warrants to registered dealers and other\npersons permitted under applicable securities laws who acted as finders for\nthe financing. Each finder warrant entitles the holder to purchase one common\nshare at $0.31 until December 14, 2009 and is subject to acceleration of\nexpiry on the same terms as the warrants comprising part of the units.\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\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\nores in 2005 and 2006, respectively.\n\n\nAbout Roxmark Mines\n\n\nRoxmark Mines Limited is the leader in gold and molybdenum exploration\nand development in the historically significant Geraldton-Beardmore area of\nNorthwest Ontario. In the last two years, Roxmark has generated cash flow from\nbulk-s...

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