ROMARCO MINERALS INC. (TSX: R)
(“
Romarco
” or the "Company") is pleased to
announce it has arranged a non-broker
ed private placement financing (the “Private Placement”) of approximately 71,678,600 common
shares of the Company (the “OfferedShares”) at a price of C$0.35 per Offered Share for aggregate gross proceeds of
C$25,087,510. The Company expects to close the Private Placement on or about
November 13, 2013. The Private Placement
is being executed with some of the
Company’s largest shareholders including BlackRock, Colonial First State Global Asset
Management, and Franklin Templeton Investments. A total of eight subscribers will
purchase approximately $24.5 million of the private placement with insiders subscribing for the balance.
Diane Garrett, President and CEO commented, “We are very pleased to have asignificant, longstanding and loyal shareholder base who have followed and supported our
progress with the Haile Gold Mine – a high grade, low cost, world class asset located in
South Carolina, USA.”
Closing of the Private Placement is subject
to receipt of approval of the Toronto Stock
Exchange. The Offered Shares will be subject to a four month plus one day hold period.
The Company intends to use the proceeds from the Private Placement to finance the
advancement of Romarco’s Haile Gold Mine including funding permitting activities,
equipment payments, and general corporate purposes.
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