Roxmark completes $1.18 million flow-through financing
Tuesday December 18, 2:36 pm ET
TORONTO, Dec. 18 /CNW Telbec/ -
Roxmark Mines Limited -
(TSXV - RMK) (CNQ - RMKL) announces the completion of
a $1,176,915 non-brokered private placement financing.
Participants in the financing include two specialized
funds and six private investors.
Gross proceeds of $1,176,915 were raised in connection
with the issuance of 3,795,500 flow-through units at
a price of $0.31 per unit.
Each unit consists of one common share and one warrant,
issued on a "flow-through" basis.
Each warrant entitles the holder to purchase
one common share at a price of $0.45 until December 14,
2008 and thereafter at $0.55 until December 14, 2009,
subject, in each case, to the right of
Roxmark to accelerate the expiry date of the warrants
under certain conditions.
Roxmark paid an aggregate cash finder's fee in the amount
of $36,526 and granted an aggregate 188,520
non-transferable finder warrants to registered dealers
and other persons permitted under applicable
securities laws who acted as finders for the financing.
Each finder warrant entitles the holder to purchase
one common share at $0.31 until December 14, 2009 and
is subject to acceleration of expiry on the same terms
as the warrants comprising part of the units.
The securities issued pursuant to the financing are
subject to a hold period expiring on April 15, 2008.
Proceeds of the financing will be used to fund
the exploration and development program to
advance Roxmark's holdings of
the Northern Empire Gold Mine
and the Nortoba gold and molybdenum property
in the Beardmore mining camp in Northern Ontario.
As previously announced, Roxmark will commence a
drilling program to test the additional known strike
length of 1,200 metres still undrilled on the west
extension of the Contact Zone at its
Northern Empire property.
Roxmark also announced that it is planning to reopen
the Northern Empire Mine and develop the resources
from underground workings.
The Northern Empire Mine was operated successfully
by Newmont Mines from 1934 to 1941.
The mine was serviced by a shaft to a depth of 2,460 feet
and produced 149,000 ounces of gold from 426,000 tons
of ore at a recovered grade of 0.35 oz/t Au.
The on-site 200TPD mill (expandable to 500TPD) was built
in 1982 and upgraded and permitted by Roxmark.
It processed gold and molybdenum ores in 2005 and 2006,
respectively.
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
nprimarily due to dramatically lower gold prices at
the time and to boundary issues, since eliminated.
Further information is available on Roxmark's
website at
roxmark.com
and on SEDAR under the Roxmark'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, Roxmark 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.
For further information
Monir Younan,
President,
Roxmark Mines Limited,
801- 80 Richmond St. West,
Toronto, Ontario, M5H 2A4,
Tel (416) 860-1636,
Fax: (416) 360-7355,
roxmark@on.aibn.com,
roxmark.com
Source: ROXMARK MINES LIMITED
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