Business
Richmond Minerals Inc. Completes Non-Brokered Private Placement and Exploration Update
Richmond Minerals Inc. Completes Non-Brokered Private Placement and Exploration Update ...
About this update from Richmond Minerals Inc.
[{"type":"text","content":"\n\n\n\nRichmond Minerals Inc. Completes Non-Brokered Private Placement and Exploration Update\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, July 14, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\nTrading Symbol TSX(V): RMDBoerse Frankfurt: WKN A1W98A: R52\n TORONTO, July 14, 2020 /CNW/ - Richmond Minerals Inc. (TSXV: RMD) (\"Richmond\") is pleased to announce that further to its news release of May 19, 2020 it has completed a non-brokered private placement (the \"Offering\") consisting of the sale of 16,000,000 (\"Units\") at a price of C$0.05 per Unit for aggregate gross proceeds of C$800,000.   \n\n \n \n \n \n \n \n\n \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. The securities issued and issuable pursuant to the Offering 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 Oberzeiring Polymetallic Property located in the province of Styria, Austria. Richmond will also resume Phase IV drilling on its Ridley Lake Gold Project in the Swayze area of Ontario. Previous Phase I through Phase III drill results at Ridley Lake yielded wide gold intersections and include highlights of 55 m grading 0.46 grams per tonne, 33 m grading 1.26 grams per tonne, and 136 m grading 0.31 grams per tonne. Specifically, Phase IV drilling will test newly identified magnetic and induced polarization targets 600 m west of and on strike with Phase I - III drill intersections   \nCertain directors and officers of the Company subscribed for an aggregate of 194,000 Units. The participation of the directors and officers in the Offering constitutes a \"related party...