Rocmec Provides Corporate Update
October 23 2013 - 9:20AM
Access Wire
Vaudreuil-Dorion
(Quebec), October
23rd, 2013 - Rocmec Mining inc. (the "Corporation" or "Rocmec")
(TSX-V Symbol: RMI),
is pleased to
provide a corporate update following the signing of the
Memorandum of Understanding with 8431469 Canada inc., conducting its business under the name Nippon Dragon Resources ("Nippon Dragon")
as announced
by way
of a press release
dated May 23rd, 2013.
With regards
to the reverse takeover (RTO),
significant advancements
have been made, one of which is the completion of the
due
diligence initiated by Nippon Dragon. Regulatory authorities are still working
to complete
the required inquiries
pertaining to the approval of personal 2A forms submitted by Nippon Dragon and the demonstration
of
the value of
the Pershing
property to be
included in the reverse
takeover.
The
Corporation also
announces that
it has just
completed a
private placement in the form of a convertible debenture totaling $255,000 with the same
investor
of the private
placement announced on May 27th, 2013, being Nippon Dragon.
The convertible debenture has a term of five
(5)
years, maturing on
October 1st, 2018 and the conversion terms are subject to the highest rate of following two
possibilities:
-The market price, as defined
as the total value of the shares traded over the first five trading
days following the resumption of trading divided by the total
volume over this same period; or
- $0.05 per share following
the resumption date of trading within the first year following the
issuance of the debenture, and $0.10 over the remaining period
through to the maturity date of
the debenture.
The debenture bears
an interest rate
of 5% per
year and no
commissions were paid for the financing. The funds raised
will be used
to meet the minimum requirements of the Corporation
in order to continue its
operations
until the holding
of the
Corporation's annual and special shareholders
meeting,
which
is expected to be held
before the end of the year.
Concerning the
Corporation's joint-venture in the Rey Salomon project
located in Peru, Rocmec wishes to inform its
shareholders that the pace
of exploration work
and ore grade
confirmation is dictated by the cash flow generated from its operations.
The
Corporation generates periodic and encouraging monthly income
from gold
sales by
processing
the mineralized ore
extracted from exploration drifts and other work areas that are mined
by conventional means. The gold sales and related work
will enable the parties to evaluate
and get a better
understanding as to the scope of the project. As
previously agreed upon and made public in a press release dated
October
19th, 2012, our
joint-venture partner, Chazel Capital has agreed to inject
additional
funds in order
to ensure adequate
and continued
development of the
project, the effect of
which reduced Rocmec's interest in the project
to 37% for the time
being.
Additionally,
the Corporation wishes to inform its shareholders that
the
request for the extension
of 3,000,000 warrants announced in a press release on
August 23
rd, 2013 was denied by the Exchange resulting in the expiration of the
above mentioned warrants.
Rocmec Mining
Inc. is active in the exploration
and the development of gold resources in Quebec and Peru. The
Corporation holds a gold property with resources recognised in
accordance with NI43-101, a modular treatment plant and also an
exclusive license for the thermal fragmentation mining method for
exploiting narrow-vein ore deposits.
The
company's growth strategy is based on:
-The development of its gold
deposits with the objective of producing revenue from its
operations;
-Increasing the value of its mining
assets by prioritizing the exploration targets; and
-The commercialisation and
employment of its thermal fragmentation technology.
For
additional information:
John
Stella, Investor
relations (514)
718-7976 jstella@rocmec.com
Andre
Savard, President &
CEO (450)
510-4442 asavard@rocmec.com
Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. This press release includes certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical
facts, that address future exploration drilling, exploration and
production activities and events or developments that the
Corporation expects, are forward looking statements. Although the
Corporation believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward looking statements
include market prices, exploitation and exploration successes,
continued availability of capital and financing, and general
economic, market or business conditions.
Corporation Miniere ROCMEC Mining Inc. 162 Saint-Charles Avenue,
Vaudreuil-Dorion (Quebec) J7V 2L1
Tel: (450) 510-4442 Fax: (450) 510-9901
www.rocmec.com
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