Ring of Fire Resources Inc. Receives Final Approval from Tsx Venture Exchange for Debenture Issuance
(via Thenewswire.ca)
Toronto, Ontario - October 14, 2011 Ring of Fire Resources Inc. (the "Company" or "ROF") (TSX-V:ROF, FRANKFURT: RG5, OTC.PK:HWKPF) announces that it has received final TSX Venture Exchange approval of the brokered private placement (announced on October 5, 2011) of a secured convertible debenture in the principal amount of $2,000,000. The debenture is convertible into common shares of ROF at $0.20 per share, has a term of three years and accrues annual interest of five percent.
In connection with the private placement, the Company paid a broker fee of $180,000 to IBK Capital Corp. and issued 1,428,571 broker warrants. Each broker warrant is exercisable into one common share at a price of $0.14 per share for a two year period.
About Ring of Fire Resources Inc.:
Ring of Fire Resources Inc. is a Canadian based junior exploration company holding in excess of 60,000 hectares of property in the Timmins, Iroquois Falls and Smooth Rock Falls areas of Northern Ontario, upon which it plans to develop and implement an exploration program for the balance of 2011 and 2012. It also holds a portfolio of diversified exploration projects at various stages of exploration and drilling for Vanadium/Nickel/Copper/Chromium/PGM in the ‘Ring of Fire' McFauld's Lake Area of Northern Ontario, Gold in the Wawa area of Northern Ontario, and Uranium in Northern Saskatchewan.
More detailed information is available on the website at www.ringoffireresources.com
Cautionary Statement:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Ring of Fire Resources Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Ring of Fire Resources Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Corinna de Beer, Investor Relations
Phone: 416-792-0343
eMail: ir@ringoffireresources.com
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