Business
Richmond Road Capital Corp. Announces Private Placement
Calgary, Alberta--(Newsfile Corp. - January 29, 2020) - Richmond Road Capital Corp. (TSXV...
About this update from Fredonia Mining, Inc.
[{"type":"text","content":"Richmond Road Capital Corp. Announces Private PlacementCalgary, Alberta--(Newsfile Corp. - January 29, 2020) - Richmond Road Capital Corp. (TSXV: RRD.H) (\"Richmond Road\" or the \"Company\") is pleased to announce that it intends to issue, by way of a non-brokered private placement, up to 1,200,000 common shares of the Company (\"Common Shares\") at a purchase price of $0.05 per share for gross proceeds of up to $60,000 (the \"Private Placement\"). The Common Shares will be offered pursuant to certain exemptions from the prospectus delivery requirements under applicable securities laws. It is anticipated that net proceeds of the Private Placement will be used to identify and evaluate assets or businesses for the Company's Qualifying Transaction (as such term is defined in the policies of the TSX Venture Exchange (the \"Exchange\")), to fund the costs of the Company's continuous disclosure obligations and for general working capital purposes. The Company is also pleased to announce the expected resumption of trading of its Common Shares on the NEX, a separate board of the Exchange, under the symbol RRD.H, on or about February 3, 2020. The Common Shares were halted from trading in anticipation of a Qualifying Transaction (\"QT\") pursuant to the policies of the Exchange. The Company announced on December 6, 2017 that due to the target to such transaction not being able to obtain the requisite shareholder approval required to complete the contemplated transaction, the Company and target were no longer proceeding with the QT. The Company's Common Shares have remained halted since such time. The Company anticipates significant insider participation in the Private Placement. The issuance of those Common Shares to insiders will be considered related party transactions within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company intends to rely on the exemptions from the requirements of MI 61-101 in respect of insider participation. The closing of the Private Placement is expected to occur in the first half of February 2020, and is subject to certain conditions, including the receipt of all necessary regulatory approvals, including the approval of the Exchange. The Common Shares will be subject to a statutory four-month hold period, and such other re...