/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
Trading Symbol TSX(V): RMD
Boerse Frankfurt: WKN A1W98A: R52
TORONTO, Feb. 20, 2020 /CNW/ - Richmond Minerals Inc.
(TSX-V: RMD) ("Richmond") is pleased to announce that it
has completed its second and final tranche (the "Second
Tranche") of its previously announced non-brokered private
placement (the "Offering"). The Second Tranche consisted of
the sale of 2,000,000 units (each, a "Unit") at a price of
C$0.05 per Unit for aggregate gross
proceeds of C$100,000.
Each Unit consists of one (1) common share in the capital stock
of Richmond (a "Common
Share") and one common share purchase warrant (a
"Warrant"). Each Warrant entitles the holder to purchase one
common share at a price of C$0.10 per
common share until the date which is eighteen (18) months following
the date of issuance.
The securities issued and issuable pursuant to the Second
Tranche will be subject to a four month and one day statutory hold
period.
The net proceeds from the Offering will used to fund the Phase 1
work program on the proposed purchase of 99 mineral claim units
(the "Transaction") located in the province of Styia,
Austria from Silbermine Zeiring
Gmbh, and for costs related to completion of the proposed
Transaction.
For more details related to the proposed Transaction, please see
the press releases of Richmond
dated November 7, 2019 and
January 15, 2020, as well the
technical report filed on SEDAR entitled: "Technical Report for
Richmond Minerals Inc. on the Oberzeiring Polymetallic Property,
Zeiring Polymetallic Mining District, Styria, Austria" with an effective date of
November 7, 2019.
Closing of the Transaction, which is a fundamental acquisition,
remains subject to final approval of the TSXV and certain other
closing conditions customary in transactions of this nature.
Closing of the Transaction is anticipated to occur on or about
February 28, 2020.
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.
CAUTIONARY STATEMENT: 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
Transaction. There is no guarantee that the Transaction will be
completed on the terms announced in this press release or at all.
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; the ability of Richmond to raise funds pursuant to future
offerings; 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.
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.
SOURCE Richmond Minerals Inc.
