TORONTO, July 31, 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 $249,600 (the "Offering"), further to its
announcement on June 27, 2017. The
Offering consisted of the sale of 4,160,000 units (each, a
"Unit") at a price of $0.06
per Unit.
Each Unit consists of one (1) common share in the capital stock
of Richmond that is a
"flow-through share" (the "FT Share") within the meaning of
the Income Tax Act (Canada)
(the "Act") and one-half of a common share purchase warrant
(the "Warrant"). Each whole Warrant will entitle the holder
thereof to acquire one common share, which is not a "flow-through
share" within the meaning of the Act, of Richmond at a price of $0.10 until a period of two (2) years 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 will ensure that the
proceeds received from the amount allocated to the FT Shares
comprising part of the Units sold will be used to incur expenses
which qualify as Canadian Exploration Expenses and Flow-Through
Mining Expenditures for purposes of the Act, and will renounce such
expenses with an effective date of no later than December 31, 2017.
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.
