Le Lézard
Classified in: Mining industry, Covid-19 virus
Subject: PVP

Richmond Minerals Inc. Increases Previously Announced Private Placement to C$115,000


/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.


These press releases may also interest you

at 14:05
The transactional and marketing emails market is expected to grow by USD 8.87 billion during 2021-2025, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the transactional and marketing emails...

at 14:00
The "Healthcare Artificial Intelligence Market - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering. The global healthcare artificial intelligence (AI) market is expected to grow at a CAGR of 41.4% from 2020 to 2027...

at 14:00
Palette Life Sciences, a fully integrated global life sciences company dedicated to improving patient outcomes, continues to develop new resources and expand access to online training and education to meet the needs of caregivers, pediatric...

at 13:45
Penn National Gaming, Inc. ("Penn National" or the "Company") announced today that the Michigan Gaming Control Board ("MGCB") has approved the Company's applications to offer online sports wagering and iCasino products in Michigan. Penn National...

at 13:45
As many small businesses are still experiencing hardship from the COVID-19 pandemic, Wells Fargo is working to support its customers in another round of the Paycheck Protection Program (PPP) and continuing to provide additional small businesses...

at 13:45
Oakland-based startup company, City Flavor LLC announced the launch of a new program, the Food Trucks First Initiative. When COVID-19 turned the food and hospitality industry upside down, City Flavor, assisted by their proprietary software, helped...



News published on 27 november 2020 at 17:00 and distributed by: