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RICHMOND MINERALS INC. ANNOUNCES NON-BROKERED FINANCING OF UP TO $100,000
RICHMOND MINERALS INC. ANNOUNCES NON-BROKERED FINANCING OF UP TO $100,000
About this update from Richmond Minerals Inc.
[{"type":"text","content":"\n\n\n\n Sep. 9, 2010 (Canada NewsWire Group) -- \n\nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n\n >\n\n\nTORONTO, Sept. 9 /CNW/ - (RMD: TSXV) - ("Richmond" or the "Company") announces a proposed private placement financing of $100,000 subject to regulatory approval and closing. This will be a non-brokered private placement.\nThe private placement will consist of the sale of up to 2,000,000 flow-through units at a price of $0.05 per unit for gross proceeds of up to $100,000. Each flow-through unit will consist of one common share, issued on a flow-through basis, and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one common share at a price of $0.15 per common share for a period of twelve (12) months following the closing. The Company will have the right to accelerate the expiry date of the Warrants if the closing price at which the common shares, as traded on the TSX-V, equals or exceeds $0.25 for 15 consecutive trading days following the date that is four months and one day after the date of closing. In that event, the Warrants will expire 30 days after the Company has issued a press release giving notice of the accelerated expiry period to the Warrant holders.\nThe securities issued pursuant to the private placement will be subject to trade restrictions, which will expire four months after closing.\nNet proceeds of the financing will be used to fund exploration expenditures on the Company's joint venture Grenville Project with Fort Chimo Minerals Inc., approximately 20 kilometers east of Belleterre, Québec, and will constitute Canadian exploration expenses and flow-through mining expenditures (as defined in the Income Tax Act (Canada), which will be renounced to purchasers for the 2010 taxation year.\n\nNeither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Canadian National Stock Exchange has revie...