Proceeds used for exploration work at company's Wasamac gold property
By Devika Patel
Knoxville, Tenn., Oct. 31 - Richmont Mines Inc. said it settled a C$10.3 million private placement of stock with Fonds de solidarité FTQ and the Fonds régional de solidarité Abitibi-Témiscamingue, sec.
The company sold 980,500 common shares at C$10.50 apiece, which is a 15.32% discount to C$12.40, the Oct. 28 closing share price.
The investors also received 245,125 warrants. The warrants are each exercisable at C$13.00 until Dec. 31, 2012. The strike price is a 4.84% premium the Oct. 28 closing price.
Proceeds will be used for advance exploration work at Richmont's Wasamac gold property.
Based in Montreal, Richmont is a gold exploration company.
| Issuer: | Richmont Mines Inc.
|
| Issue: | Common stock
|
| Amount: | C$10,295,250
|
| Shares: | 980,500
|
| Price: | C$10.50
|
| Warrants: | 245,125
|
| Warrant expiration: | Dec. 31, 2012
|
| Warrant strike price: | C$13.00
|
| Investors: | Fonds de solidarité FTQ and the Fonds régional de solidarité Abitibi-Témiscamingue, sec
|
| Settlement date: | Oct. 31
|
| Stock symbol: | Toronto: RIC
|
| Stock price: | C$12.40 at close Oct. 28
|
| Market capitalization: | C$388.19 million
|
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