Key Developments: Richmont Mines Inc (RIC.A)
Latest Key Developments (Source: Significant Developments)
Dow Jones reported that Richmont Mines Inc. announced the appointment of Pierre Rougeau to the position of Executive Vice-President and Chief Financial Officer (CFO), effective December 3, 2012. Mr. Rougeau will be based at Richmont's corporate office in Montreal. Full Article
Richmont Mines Inc announced the completion of a non-brokered private placement (the Private Placement or the Offering) with four institutional funds. Further to the Offering, the Corporation issued 5.97 million common shares (Common Shares) at CAD4.35 per Common Share, for a total cash consideration of CAD26.0 million. Following the Offering, the Corporation's shares outstanding increased from 33.6 million to 39.6 million, its cash position is approximately CAD60 million, and the Corporation has essentially no long-term debt. Richmont paid a 4% finder's fee to an arm's length party in connection with a portion of the Private Placement. Net proceeds of the Offering will be used for working capital purposes and to fund its future growth. All Common Shares issued under the Offering are subject to a hold period in Canada of four months from the closing date of the Offering in accordance with applicable Canadian securities laws, expiring on January 27, 2013. Full Article
Richmont Mines Inc. announced that it expects to produce 65,000 ounces to 75,000 ounces of gold for fiscal 2012. Full Article
Nov 29 - Richmont Mines Inc said it will shut down its Francoeur gold mine in Quebec from Friday as high costs and lower grades of ore makes the project unfeasible.