Roxmark arranges financing with MineralFields Group -
Roxmark arranges financing with MineralFields Group
TORONTO, June 7 /CNW/ - Roxmark Mines Limited (TSXV - RMK) (CNQ - RMKL) today announced that it has entered into an agreement for a non-brokered private placement financing with MineralFields Group of Toronto, a leading mining fund, subject to final approval of the TSX Venture Exchange. www.mineralfields.com/index.cfm
The $1 million private placement consists of the sale of 3,773,584 flow-through units of the Company at $0.265 each.
Each unit will consist of one flow-through common share and one common share purchase warrant of the Company. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.40 for the first year and at $0.55 for the second year term from closing. The securities to be issued under this arrangement will be subject to certain resale restrictions which require that the securities not be traded for a period of four months.
Roxmark has agreed to pay a cash finder's fee to First Canadian Securities(R) of 5% of the proceeds raised and options equal to 10% of units subscribed for, at an exercise price of $0.265 for a term of two years.
Proceeds of the private placement will be used to fund the exploration and development program to advance Roxmark's holdings of gold and molybdenum properties in the Geraldton-Beardmore mining camp in Northern Ontario. Currently, the Company is carrying out a surface diamond drilling program on its Northern Empire mine property.
About MineralFields, Pathway and First Canadian Securities(R)
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities(R) , a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard-dollar) on competitive, effective and service-friendly terms, with investors both within and outside of MineralFields Group.
About Roxmark Mines
Roxmark Mines Limited is the leader in gold and molybdenum exploration and development in the historically significant Geraldton-Beardmore area of Northwest Ontario. In the last two years, Roxmark has generated cash flow from bulk-sampled gold and molybdenum processed at its fully-permitted mill and has the advantage of infrastructure from six formerly highly productive gold mines located on its properties. These mines previously produced nearly two million ounces of gold from high grade ore but were closed primarily due to dramatically lower gold prices at the time and to boundary issues, since eliminated.
Further information is available on the Company's website at www.roxmark.com and on SEDAR under the Company's profile at www.sedar.com.
Forward-Looking Statements
This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
%SEDAR: 00008684E
Source: Canada NewsWire (June 7, 2007 - 10:35 AM EDT)
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