Mr. Franz Kozich reports
RICHMOND MINERALS INC. - CORPORATE UPDATE
Richmond Minerals Inc. intends to complete a non-brokered private placement financing for aggregate gross proceeds of up to $200,000. The offering will consist of the sale of flow-through units at eight cents per FT unit and the sale of hard-dollar units at seven cents per HD unit.
Each FT unit will consist of one common share in the capital stock of Richmond issued on a flow-through basis and a one-half common share purchase warrant. Two FT warrants will entitle the holder purchase one common share a price of 12 cents per common share until the date which is 24 months following the closing date of the offering, whereupon the FT warrants expire. Each HD unit will consist of one common share and a one-half common share purchase warrant. Each HD warrant will entitle the holder to acquire one common share for 12 cents for a period of 18 months from the date of issuance. The securities issued 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 finance continued exploration on Richmond's Swayze gold property 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 and applicable securities regulatory authorities.
Richmond is also pleased to announce that shareholders voted in favour of all director nominees, the appointment of Wasserman Ramsay, Chartered Accountants, as auditors, and the approval of the corporation's rolling stock option plan at Richmond's annual and general meeting, which took place Aug. 12, 2016.
We seek Safe Harbor.
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