/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, Nov. 27, 2020 /CNW/ - Richmond Minerals Inc.
(TSXV: RMD) ("Richmond" or
the "Company") is pleased to announce that, due to investor
demand, it will upsize its non-brokered private placement (the
"Offering") of flow-through units ("FT Units")
previously announced in the Company's November 2, 2020 news release. The Offering will
now consist of the sale of 1,916,666 FT Units at a price of
C$0.06 per FT Unit for aggregate
gross proceeds of C$115,000.
Each FT Unit will be comprised of one (1) common share of
the Company that qualifies as a "flow-through common share" (a
"FT Share"), and one-half of one (0.5) common share purchase
warrant (each whole warrant, a "Warrant"), with each Warrant
entitling the holder thereof to purchase one additional common
share of the Company at a price of $0.10 for a period of twenty-four (24) months
following the closing of the Offering.
The proceeds from the issuance of the FT Units will be used for
"Canadian exploration expenses" and will qualify as "flow-through
mining expenditures" (the "Qualifying Expenditures"), as
defined in subsection 127(9) of the Income Tax Act
(Canada). The Company intends to
renounce the Qualifying Expenditures to subscribers of FT Units for
the fiscal year ended December 31,
2020.
The Offering is expected to close on or about November 30, 2020 and is subject to receipt of
all necessary regulatory approvals, including approval of the TSX
Venture Exchange. The securities issued pursuant to the Offering
will be subject to a statutory hold period of four months and one
day in accordance with applicable securities laws.
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. 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; risks related to infectious diseases such as COVID-19;
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.
