Business
Richmond Minerals Inc. closes flow-through financing involving MineralFields Group
TORONTO, Dec. 12 /CNW/ - Richmond Minerals Inc. (RMD-TSXV) ("Richmond" or the "Corporation") is p...
About this update from Richmond Minerals Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 12 /CNW/ - Richmond Minerals Inc. (RMD-TSXV) ("Richmond" or\nthe "Corporation") is pleased to announce a non-brokered private placement of\nflow-through shares. Proceeds of $1,227,012 (before expenses) were raised.\n\n\nA total of 11,154,662 flow-through shares were issued by the Corporation\nat a price of $0.11 per share. The Corporation intends to use the proceeds\nraised primarily to drill exploration targets on it's Halle and Bondy Gneiss\nComplex in the Province of Quebec and it's Triple Lakes property in the\nprovince of Ontario.\n\n\nThrough an affiliate, MineralFields Group invested approximately $800,000\nin the Corporation through the private placement, all of which were\nflow-through shares. In connection with the investment by MineralFields Group\nthrough the private placement, in addition to legal, accounting,\nadministrative and other fees, the Corporation paid a finder's fee to Limited\nMarket Dealer Inc. consisting of a payment of 6% of the amount invested (paid\nfor in common shares of the Corporation), a due diligence fee of 4% (paid in\nshares of the Corporation) and broker warrants exercisable for up to 10% of\nthe funds placed.\n\n\n"We are very pleased to be renewing our relationship with MineralFields\nGroup", said president, Paul Ankcorn. "This is an important milestone in the\ngrowth of Richmond Minerals, and we look forward to working with MineralFields\nGroup as we develop our projects in the Halle and Bondy Lake in Quebec. This\nis our second financing in a row with MineralFields, the last one having been\ndone in 2006".\n\n\nThis placement is subject to final approval from the TSX Venture\nExchange, but has received conditional approval from the TSX Venture Exchange.\n\n\nAbout MineralFields\n\n\n-------------------\n\n\nMineralFields Group (a division of Pathway Asset Management) is a\nToronto-based mining fund with significant assets under administration that\noffers its tax-advantaged super flow-through limited partnerships to investors\nthroughout Canada during most of the calendar year, as well as hard-dollar\nresource limited partnerships to investors throughout the world. Pathway Asset\nManagement also specializes in the manufacturing and distribution of\nstructured products and mutual funds. Information about MineralFields Group is...