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Richmond Minerals Inc. Completes First Tranche of Non-Brokered Private Placement and Provides Update on Fundamental Acquisition
Richmond Minerals Inc. Completes First Tranche of Non-Brokered Private Placement and Provi...
About this update from Richmond Minerals Inc.
[{"type":"text","content":"\n\n\n\nRichmond Minerals Inc. Completes First Tranche of Non-Brokered Private Placement and Provides Update on Fundamental Acquisition\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Jan. 27, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Jan. 27, 2020 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) (\"Richmond\") is pleased to announce that it has completed a first tranche (the \"First Tranche\") of its non-brokered private placement (the \"Offering\"). The First Tranche consisted of the sale of 6,000,000 (\"Units\") at a price of C$0.05 per Unit for aggregate gross proceeds of C$300,000. Richmond expects to close a second tranche for up to an additional $100,000 of gross proceeds on or around February 5, 2020.  \nEach Unit consists of one (1) common share in the capital stock of Richmond (a \"Common Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to purchase one common share at a price of C$0.10 per common share until the date which is eighteen (18) months following the date of issuance.\nThe securities issued and issuable pursuant to the First Tranche will be subject to a four month and one day statutory hold period.\nThe net proceeds from the Offering will used to fund the Phase 1 work program on the proposed purchase of 99 mineral claim units (the \"Transaction\") located in the province of Styia, Austria from Silbermine Zeiring Gmbh, and for costs related to completion of the proposed Transaction. \nFor more details related to the proposed Transaction, please see the press releases of Richmond dated November 7, 2019 and January 15, 2020, as well the technical report filed on SEDAR entitled: \"Technical Report for Richmond Minerals Inc. on the Oberzeiring Polymetallic Property, Zeiring Polymetallic Mining District, Styria, Austria\" with an effective date of November 7, 2019.\nClosing of the Transaction, which is a fundamental acquisition, remains subject to final approval of the T...