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Richmond Minerals Inc. Signs Definitive Agreement to Acquire 100% Interest in all Ridley Lake Mining Claims in the Mining District of Porcupine and Announces Non-brokered Flow-through Private Placement
Richmond Minerals Inc. Signs Definitive Agreement to Acquire 100% Interest in all Ridley L...
About this update from Richmond Minerals Inc.
[{"type":"text","content":"\n\n\n\nRichmond Minerals Inc. Signs Definitive Agreement to Acquire 100% Interest in all Ridley Lake Mining Claims in the Mining District of Porcupine and Announces Non-brokered Flow-through Private Placement\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\nCanada NewsWire\nTORONTO, June 27, 2017\n\n\n\nTORONTO, June 27, 2017 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) (\"Richmond\") is pleased to announce that it has entered into a definitive purchase and sale agreement (the \"Agreement\") to acquire from a private party (the \"Vendor\") a 100% undivided interest in five (5) unpatented mining claims and a 50% undivided interest in thirty-five (35) unpatented mining claims (the \"Properties\") situated in the mining district of Porcupine, in the township of Rollo, Ontario (the \"Transaction\").\n\nAs a result of the Transaction, if completed, Richmond will own 100% of the Ridley Lake Properties.\n\nHighlights of the Transaction\n\nAs consideration for the Transaction, Richmond will:\n\n\nIssue 1,000,000 common shares to the Vendor as of the Closing Date (as hereinafter defined); \nIssue 1,000,000 common shares to the Vendor as of December 15, 2017; \nPay a cash consideration of $102,000 (the \"Cash Consideration\") to be held in escrow pending the completion of transactions contemplated by the Agreement on the Closing Date. The Cash Consideration is to be used by the Vendor solely for the purpose of subscribing for units of Richmond pursuant to the Offering (as hereinafter defined); and \nGrant to the Vendor and another party an aggregate two percent (2%) net smelter royalty on the Properties (one-half of the royalty may be purchased at any time for $1.0 million).\n\nThe Transaction is subject to the receipt of applicable regulatory approvals by Richmond and the satisfaction of certain other closing conditions customary in transactions of this nature. The Transaction is expected to close on or before July 31, 2017 (the \"Closing Date\").\n\nThe Private Placement\n\nRichmond intends to complete a non-brokered private placement of up to 5,000,000 units (the \"Units\") of...