TORONTO, April 7, 2017 /CNW/ - Richmond Minerals Inc.
(TSX-V: RMD) ("Richmond") is pleased to announce that it
has completed a non-brokered private placement financing for
aggregate gross proceeds of $216,000
(the "Offering"), further to its announcements on
February 23, 2017 and March 6, 2017. The Offering consisted of the sale
of 4,320,000 hard dollar units (each, a "Unit") at a price
of $0.05 per Unit.
Each Unit consists 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.
Early Warning Report
Gregor K. Emmert, Jr. ("Mr.
Emmert") of 2120 W. Central Ave. Toledo, Oh. 43606 USA had ownership or
direction and control over an aggregate of 3,574,920 common shares
of Richmond prior to the Offering, representing approximately 7.27%
of the issued and outstanding common shares of Richmond. Pursuant
to the Offering, Mr. Emmert has acquired 3,320,000 common shares.
After the acquisition of common shares pursuant to the Offering Mr.
Emmert now has ownership or direction and control over 6,894,920
common shares of Richmond representing approximately 12.88% of the
issued and outstanding common shares of Richmond. The common shares
acquired by Mr. Emmert pursuant to the Offering are being held for
investment purposes, and depending on market and other conditions,
Mr. Emmert may from time to time in the future increase or decrease
his ownership, control or direction over securities of Richmond through market transactions, private
agreements, or otherwise.
As the number of common shares owned or controlled, directly or
indirectly by Mr. Emmert after the Offering exceeds 10%
of the then issued
and outstanding common shares, in satisfaction
of the requirements of the National Instrument 62-104 –
Take-Over Bids And Issuer Bids and National Instrument
62-103 – The Early Warning System and Related Take-Over Bid and
Insider Reporting Issues, an Early Warning Report respecting
the acquisition of common shares by Mr. Emmert will be filed under
Richmond's SEDAR Profile
at www.sedar.com.
Cautionary Statements
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this news
release.
This news release contains forward-looking information which is
not comprised of historical facts. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this
news release includes statements regarding, among other things,
Richmond's objectives, goals and
future plans. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, regulatory approval processes, changes in general
economic conditions and conditions in the financial markets, and
changes in demand and prices for minerals. Although Richmond believes that the assumptions used in
preparing the forward-looking information in this news release are
reasonable, including that the proceeds from the Offering will be
expended as currently contemplated, undue reliance should not be
placed on such information, which only applies as of the date of
this news release, and no assurance can be given that such events
will occur in the disclosed time frames or at all. Richmond disclaims any intention or obligation
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than
as required by applicable securities laws.
SOURCE Richmond Minerals Inc.