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Vendome Capital II Corp. Closes Its Qualifying Transaction
Vendome Capital II Corp. Closes Its Qualifying Transaction
About this update from Richmond Minerals Inc.
[{"type":"text","content":"\nVendome Capital II Corp. Closes Its Qualifying Transaction\n\n\n Apr. 13, 2010 (Filing Services Canada) -- Vendome Capital II Corp. (VDR - TSX Venture), a capital pool company, has closed its qualifying transaction previously announced on September 8, 2009 (the \"Transaction\") and TSX Venture Exchange (the \"Exchange\") is expecting to issue its Final Exchange Bulletin (\"FEB\").The Transaction permits the Corporation to earn a 51% interest in the Guibord Property (the \"Property\") as described below, upon the payment of CA$25,000, of which $10,000 has already been made, and the issuance of 600,000 common shares of Vendome to Richmond Minerals Inc. (\"Richmond\") within one year of receiving the FEB, as well as incurring a minimum of CA$250,000 in exploration expenditure within 2 years of the FEB.Concurrently with the closing of the Transaction, the Corporation raised $535,000 via a debt issuance.  The terms of the debenture financing are for a term of 18 months, bearing no interest, are not convertible in to common shares of the Corporation and provide for the issuance of 1,900,000 purchase warrants (the \"Purchase Warrants\").  Each Purchase Warrant entitles the holder to purchase one common share of the Corporation at a price of $0.15 per common share until October 11, 2011.  A $10,000 commission has been paid to Norstar Securities LP, as well as a corporate finance fee of 315,000 broker warrants (\"Broker Warrant\").  Each Broker Warrant entitles the holder to purchase one common share of the Corporation at a price of $0.15 per common share until October 11, 2011.  The net proceeds of the offering will be used for the continued development, exploration and general working capital of the resulting issuer.The Corporation is planning to file articles of amendment to change its name to \"Vendome Resources Corp.\" (the \"Proposed Name Change\").  The Proposed Name Change was approved by the Corporation's shareholders at a special meeting of shareholders that was held on June 9, 2009.Information about the PropertyThe Property is located in the Abitibi Greenstone belt, which hosts the Porcupine and Kirkland Lake mining camps. The Property is approximately 1,280 acres (518 hectares) in size and consists of 32 unpatented mining claims within the confines of four claim bl...