Roxmark appoints Richardson CFO, to raise $1-million
2006-12-20 16:02 ET - News Release
Mr. Monir Younan reports
ROXMARK ANNOUNCES CFO APPOINTMENT AND FLOW-THROUGH FINANCING
Roxmark Mines Ltd. has appointed James A. Richardson, CA, as the company's chief financial officer.
Mr. Richardson has broad experience in the fields of business advisory, transaction, turnaround and process management and was formerly a partner of Clarkson Gordon, Arthur Young (Singapore) and KPMG (U.K.). He has been a director of Roxmark and a member of its audit committee since January, 2005, and is also a director of several other public companies.
In addition, Roxmark's board has approved a non-brokered private placement of up to 4,166,666 units of the company at a subscription price of 24 cents per unit to raise total gross proceeds of up to approximately $1-million.
Each unit will consist of one flow-through common share and one common share purchase warrant of the company. Each warrant will entitle the holder thereof to purchase one common share of the company at a price of 29 cents for a period of 12 months from the date of closing of the offering and thereafter at a price of 35 cents until the 24-month anniversary of the closing of the offering. Closing of the offering is expected to be on Dec. 29, 2006, or such earlier date as the company determines. The proceeds of the offering will be used by the company to finance its work programs.
The company has raised more than $4.4-million in 2006 by way of private placement and through the exercise of warrants. An additional $1.5-million in warrants is exercisable in 2007.
Roxmark also has made application to list its common shares for trading on the TSX Venture Exchange. The listing of the company's common shares on the TSX Venture Exchange is subject to a number of conditions, including exchange acceptance, and there can be no assurance that the company's common shares will be listed on the exchange.
We seek Safe Harbor. |
