VANCOUVER, Sept. 16, 2016 /CNW/ - Rathdowney Resources Ltd. ("Rathdowney" or the "Company") (TSXV: RTH) announces that it has closed a unit ("Unit") private placement (the "Private Placement") consisting of 7.9 million Units issued as part of the Company's President's List for gross proceeds of $1.5 million. Each Unit consists of one common share in the capital of the Company (a "Share") and one warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional Share at a price of $0.24 for a period of two years from the date of closing.
Proceeds will be used to advance Polish permitting activities and further refine mining engineering work to progress the Company's Olza zinc-lead-silver project towards feasibility and completion of permit licensing, as well as for general corporate working capital purposes.
The Shares and Warrants are subject to applicable resale restrictions, including a four month hold period under Canadian securities legislation.
On behalf of the Board of Directors
David Copeland
Chairman
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
SOURCE Rathdowney Resources Ltd.
