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Richmond Minerals Inc. Announces $100,000 Non-Brokered Private Placement
Richmond Minerals Inc. Announces $100,000 Non-Brokered Private Placement Canada...
About this update from Richmond Minerals Inc.
[{"type":"text","content":"\n \n \n \n Richmond Minerals Inc. Announces $100,000 Non-Brokered Private Placement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Oct. 20, 2020\n \n \n \n \n \n TORONTO\n \n ,\n \n Oct. 20, 2020\n \n /CNW/ - Richmond Minerals Inc. (TSXV: RMD) (\"\n \n \n Richmond\n \n \n \") is pleased to announce that it intends to complete a non-brokered private placement for aggregate gross proceeds of\n \n $100,000\n \n (the \"\n \n Offering\n \n \"). The Offering consists of the sale of up to 1,666,666 flow through units (\"\n \n FT Units\n \n \") at a price of\n \n $0.06\n \n per FT Unit.\n \n \n \n \n \n \n \n \n \n Each FT Unit consists of one (1) common share in the capital stock of the\n \n Richmond\n \n that is a \"flow-through share\" within the meaning of the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) (the \"\n \n Act\n \n \n \")\n \n and one-half (½) of one common share purchase warrant (a \"\n \n FT\n \n \n Warrant\n \n \"). Each whole FT Warrant will entitle the holder to purchase one (1) common share at a price of\n \n $0.10\n \n per common share until the date which is two (2) years following the closing date of the Offering, whereupon the FT Warrants will expire.\n \n \n \n Richmond\n \n intends to use the net proceeds from the Offering to fund \"Canadian exploration expenses\" (within the meaning of the\n \n Act\n \n ) for continued exploration on\n \n Richmond's\n \n assets. Richmond will ensure that the proceeds received from the amount allocated to the common shares comprising part of the FT Units sold will be used to incur expenses which qualify as Canadian Exploration Expenses and Flow-Through Mining Expenditures for purposes of the\n \n Act\n \n and will renounce such expenses with an effective date of no later than\n \n December 31, 2020\n \n .\n \n \n The securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period.\n \n \n The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the \"U.S. Sec...