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Rathdowney closes second tranche of $1.65 million in non-brokered financing total $8.6 million raised
VANCOUVER , Sept. 3, 2014 /CNW/ - Rathdowney Resources Ltd. ("Rathdowney" or the "Compan...
About this update from Rathdowney Resources Ltd.
[{"type":"text","content":"\n\n\nVANCOUVER, Sept. 3, 2014 /CNW/ - Rathdowney Resources Ltd. (\"Rathdowney\"\n or the \"Company\") (TSXV: RTH) announces that it has completed the second tranche of a private\n placement financing, consisting of approximately 6,600,000 common\n shares at a price of $0.25 per share for gross proceeds of $1,650,000.\n The shares are subject to applicable resale restrictions, including a 4\n month hold under Canadian legislation. Fees of up to 6% are payable on\n a portion of the tranche.\n\n\nTogether with the first tranche of $6,960,000 (see press release dated\n August 12, 2014), the Company raised a total of $8,610,000 through the\n issuance of 34,440,000 shares.\n\n\nProceeds from the financing will be used to advance Phase II activities\n at Rathdowney's flagship Olza Zinc-Lead-Silver Project in Poland and\n for working capital purposes.\n\n\nAbout Rathdowney\n\n\nRathdowney Resources Ltd. is an exploration and development company\n focused on advancing the Olza zinc-lead-silver project in Poland\n through permitting and into production. Rathdowney is associated with\n Hunter Dickinson Inc. (\"HDI\") a diversified, global mine development\n company with a 25-year history of mineral development success.\n\n\nAbout Project Olza\n\n\nProject Olza is located in the Upper Silesian Mining District of\n southwestern Poland, a world-class region of Mississippi Valley-type\n deposits with well-developed mining infrastructure. Easily accessible\n by road, the Olza project site is a one-hour drive from Krakow, a major\n city with full services, including an international airport.  The\n deposits at Olza are along strike from the long-life Pomorzany\n zinc-lead mine and 30 km from the ZGH zinc smelter at Boleslaw. A\n railway line to the smelter runs through the Olza project-area.\n\n\nSince 2010, Rathdowney has invested over $16 million at Olza. The\n Company's Phase I confirmatory drilling program built on the extensive\n drill database assembled by the Polish Geological Survey to delimit\n 21.2 million tonnes of inferred mineral resources, grading 7.42%\n combined zinc and lead1, with excellent potential for expansion.  These mineral resources\n provide the foundation for engineering, environmental baseline and\n other Phase II technical studies designed to advance project planning\n and permitting.\n\n\nDavid Copeland, ...