/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Jan. 8, 2019 /CNW/ - Richmond Minerals Inc.
(TSX-V: RMD) ("Richmond or the
"Corporation") wishes to correct its news release dated
January 3, 2019 with respect to the
status of the previously announced on January 2, 2019 non-brokered private placement of
up to 4,000,000 flow-through units of the Corporation ("FT
Units") at a price of $0.05 per
FT-Unit. (the "Offering").
Each FT Unit consists of one (1) common share in the capital
stock of Richmond (a "Common
Share") issued on a flow-through basis within the meaning of
the Income Tax Act (Canada)
and one-half (½) of one Common Share purchase warrant (a
"Warrant"). Each Warrant will entitle the holder to purchase
one Common Share at a price of $0.08
for (2) years following the closing date of the Offering.
In its January 3, 2019 release,
the Company has inadvertently stated that the Company has completed
the Offering. The Company wishes to retract this statement and to
confirm that the completion of the Offering is subject to receipt
of approvals of the TSX Venture Exchange ("TSX-V"). Richmond, having received sufficient interest
in the Offering, expects to close the Offering in the coming days
and will issue a subsequent news release announcing the
closing.
The securities issued and issuable pursuant to the Offering will
be subject to a four month and one day statutory hold period.
Richmond intends to use the net
proceeds from the offering to fund "Canadian exploration expenses"
(within the meaning of the Income Tax Act (Canada)) and for continued exploration on
Richmond's assets and for general
working capital purposes.
The Offering is subject to certain conditions including, but not
limited to, the receipt of all necessary approvals, including the
approval of TSX-V and applicable securities regulatory
authorities.
CAUTIONARY STATEMENT: 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.
This news release includes certain information that may
constitute "forward-looking information" under applicable Canadian
securities legislation. "Forward-looking information" can often,
but not always, be identified by the use of words such as
"believes", "anticipates", "expects", "estimates", "may", "could",
"would", "will", or "plan". These statements are based on
information currently available to the Company, and the Company
provides no assurance that actual results will meet management's
expectations. 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,
including successful completion of the Offering. 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;
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.
SOURCE Richmond Minerals Inc.