TORONTO, Feb. 23, 2017 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) ("Richmond") is pleased to announce that it intends to complete a non-brokered private placement of up to 4,000,000 units ("Units") at a price of CAN$0.05 per Unit, for gross proceeds of approximately $200,000 (the "Offering"). Closing of the Offering is expected to occur on or about March 3, 2017.
Each Unit will consist of one (1) common share in the capital stock of Richmond ("Common Share") and one (1) common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of CAN$0.10 per Common Share until the date which is twenty-four (24) months following the closing date of the Offering, whereupon the Warrants will expire. The securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period.
Richmond intends to use the net proceeds from the Offering to fund continued exploration on Richmond's assets and for general working capital purposes.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange ("TSX-V") and applicable securities regulatory authorities.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
