/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Sept. 14, 2018 /CNW/ - Richmond Minerals
Inc. (TSX-V: RMD) ("Richmond") is pleased to announce
that, further to its announcement on August
15, 2018, it has completed a non-brokered private placement
for aggregate gross proceeds of $245,000 (the "Offering"). The Offering
consisted of the sale of 4,083,332 flow through units (FT
Units") at a price of $0.06 per
FT
Unit.
Each FT Unit consisted of one (1) common share in the capital
stock of the Richmond that is a
"flow-through share" within the meaning of the Income Tax
Act (Canada) (the
"Act") and one-half (½) of one common share
purchase warrant (a "FT Warrant"). Each whole FT
Warrant will entitle the holder to purchase one (1) common share at
a price of $0.08 per common share
until the date which is two (2) years following the closing date of
the Offering, whereupon the FT Warrants will expire.
Richmond intends to use the net
proceeds from the Offering to fund "Canadian exploration expenses"
(within the meaning of the Act) and for continued
exploration on Richmond's assets
and for general working capital purposes. Richmond will ensure that the proceeds
received from the amount allocated to the Common Shares comprising
part of the FT 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, 2018.
The securities issued and issuable pursuant to the Offering will
be subject to a four month and one day statutory hold period.
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.
Richmond is also pleased to
announce that shareholders voted in favor 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 Special meeting
which took place September 10, 2018. The Director Nominees
elected are: Franz Kozich-Koschitzky, President, CEO and
Director, and Directors Andrew McQuire, Paul
Millar, Bogdan Nitescu and Lee
Bowles.
CAUTIONARY STATEMENT: 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
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, but is not limited to, Richmond's objectives, goals or future plans,
including successful completion of the Offering. Factors that could
cause actual results to differ materially from such forward-looking
information include, but are not limited to, changes in general
economic conditions and conditions in the financial markets;
changes in demand and prices for minerals; litigation, legislative,
environmental and other judicial, regulatory, political and
competitive developments, and those risks set out in Richmond's public documents filed on SEDAR.
Although Richmond believes that
the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, 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 law.
SOURCE Richmond Minerals Inc.
