Romarco completes C$92,575,000 financing
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TORONTO, Oct. 19, 2011 /CNW Telbec/ - ROMARCO MINERALS INC.
('Romarco' or the 'Company') is pleased to confirm that it has closed its previously announced bought deal common share public offering (the 'Offering'), including the full exercise of the over-allotment option for aggregate gross proceeds to Romarco of C$92,575,000. A syndicate of underwriters, co-led by National Bank Financial Inc. and BMO Capital Markets and including RBC Capital Markets and Paradigm Capital Inc., purchased an aggregate of 80,500,000 common shares of Romarco, including 10,500,000 shares pursuant to the exercise of the over-allotment option, at a price of C$1.15 per share.Romarco will use the net proceeds from the Offering to fund the continued development of the Haile gold mine project including exploration and condemnation drilling and related optimization and metallurgical work, project development including engineering and select equipment purchases, permitting including additional data recovery and wetlands mitigation, and completing the Environmental Impact Statement, and for working capital and general corporate purposes.
Including the net proceeds of the Offering, the Company's current cash position is approximately C$130 million.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
About Romarco Minerals Inc.
Romarco Minerals Inc. is an exploration and development company engaged in the acquisition, exploration and development of precious metals mineral properties. The Company has completed a positive Feasibility study and is continuing exploration and permitting for its flagship project, the Haile Gold Mine in South Carolina.
Please note:
This entire press release may be accessed via fax, e-mail, Romarco's website at www.romarco.com and through CNW Group's website at www.newswire.ca. All material information on Romarco Minerals Inc. can be found at www.sedar.com.
ROMARCO MINERALS INC.
CONTACT: Romarco Minerals Inc.
Diane Garrett, President and CEO Dan Symons, Manager, Investor
Phone: 210-621-4200 Relations
E-mail: dgarrett@romarco.com Phone: 416-367-5500
E-mail: dsymons@romarco.com
Renmark Financial Communications Inc.
Maurice Dagenais 514-939-3989 or via e-mail
at mdagenais@renmarkfinancial.com