Rocmec Mining Inc. Completes Third Tranche of a Brokered Private Placement

Mon Jul 6, 2009 5:25pm EDT
 
[-] Text [+]
  VAUDREUIL-DORION, QUEBEC, Jul 06 (MARKET WIRE) -- 
Rocmec Mining Inc. (the "Company") (TSX VENTURE: RMI)(FRANKFURT: D5O) is
pleased to announce the closing of a third tranche of a brokered private
placement led by Canaccord Capital Corporation ("Canaccord" or the
"Agent") for:

    (i) 312,500 flow-through units (each individually, a "FT Unit", and
collectively, the "FT Units") of the Company, at a purchase price of
$0.08 per FT Unit, each FT Unit being comprised of one flow-through
common share of the Company (a "FT Common Share"), and one-half of one
non-flow-through common share purchase warrant (each whole common share
purchase warrant, a "Warrant") of the Company exercisable into one common
share of the Company at a price of $0.10 per common share for a period of
24 months from the date of the issue of the FT Units; and

    (ii) 7,142,857 units (each individually, a "Unit", and collectively, the
"Units") of the Company, at a purchase price of $0.07 per Unit, each Unit
being comprised of one common share of the Company, and one Warrant of
the Company entitling its holder to purchase one additional common share
of the Company at a price of $0.10 for a period of 24 months from the
date of the issue of the Units, the whole in accordance with the
provisions of the agency agreement entered into on May 28, 2009;

    for aggregate gross proceeds of $525,000.

    As consideration for acting as agent, the Company has paid the Agent a
cash commission of $42,000. In addition, the Agent received 745,535
Agent's Warrants, 714,285 of which entitles it to acquire Units at a
price of $0.07 per Unit for a period of 24 months from the closing date
and 31,250 of which entitles it to acquire Units at a price of $0.08 per
Unit for a period of 24 months from the closing date.

    The private placement is subject to final TSX Venture Exchange acceptance
for filing. All securities issued will be subject to a four-month hold
period from the closing date expiring on November 4, 2009.

    The net proceeds of this private placement will be used primarily to
finance the Company's exploration expenditures on its properties located
in the Province of Quebec as well as for general working capital.

    The Company also announces that the TSX Venture Exchange has
conditionally approved the extension of the term of four convertible
debentures totalling $450,000 until September 30, 2010. The debentures,
originally issued on May 22, 2006, bear interest at the annual rate of
12% and are convertible into common shares of the Company at the price of
$0.22 per common share. The Company will also issue an aggregate total of
450,000 warrants to the holders of debentures, each warrant entitling its
holder to purchase one additional common shares of the Company at the
price of $0.10 per common share until September 10, 2010.

    About Rocmec

    Rocmec Mining Inc. is a Canadian junior exploration company actively
involved in the acquisition, exploration and development of precious
metal projects. The Company's exclusive thermal fragmentation process
combined with its growth strategy place it as the partner of choice for
the development of narrow high-grade precious metal quartz vein
properties. The Company is listed on the TSX Venture Exchange and trades
under the symbol: RMI

    Rocmec's growth strategy is to focus on the development of quality assets
that will significantly enhance shareholder value. Exploitation of narrow
high-grade precious metal quartz veins with its exclusive thermal
fragmentation process coupled with conventional mining methods will lead
the Company in becoming a mid-size gold producer. The acquisition,
development and future exploitation activities at the recently acquired
Rocmec I (Russian Kid) property are an excellent example of this strategy.

    Thermal fragmentation...mining ounces not TONNES!

    The Thermal Fragmentation Mining Method video can be viewed on Rocmec's
website or by clicking the following link:
http://www.rocmecmines.com/video_an.asp

    This press release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts, that address future exploration drilling,
exploration activities and events or developments that the Corporation
expects, are forward looking statements. Although the Corporation
believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees
of future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that could
cause actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration successes,
continued availability of capital and financing, and general economic,
market or business conditions.


 
 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.

Contacts:
Rocmec Mining Inc.
Mr. Donald Brisebois
President & CEO
450-510-4442
450-510-9901 (FAX)
dbrisebois@rocmecmines.com

Rocmec Mining Inc.
Mr. John Stella
Investor relations Manager
450-510-4442 / Cell: 514-718-7976
450-510-9901 (FAX)
jstella@rocmecmines.com
www.rocmecmines.com

Copyright 2009, Market Wire, All rights reserved.

-0-

 

Featured Broker sponsored link

Editor's Choice

A selection of our best photos from the past 24 hours.  Slideshow 

Most Popular on Reuters

  • Articles
  • Video