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| Home : Richmond Minerals Inc. Announces Property Sale |
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Sep 14
2011 |
Richmond Minerals Inc. Announces Property Sale |
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TORONTO, ONTARIO--(Marketwire - Sept. 13, 2011) - Richmond Minerals Inc. (TSX VENTURE:RMD) ("Richmond" or the "Company") announces that an agreement has been reached with Lake Shore Gold Corp. to sell its 100% ownership interest in the Highway 101 Property (the property) located in Guibord Township, Ontario. As part of the agreement, Vendome Resources Corp. (Vendome) has agreed to cancel its August 2009 earn-in agreement with Richmond. Terms of the arrangement are as follows: Lake Shore will issue to Richmond 232,500 common shares of Lake Shore and 116,250 Lake Shore purchase warrants; Lake Shore will issue to Vendome 67,500 common shares of Lake Shore and 33,750 Lake Shore purchase warrants. The terms of the warrants are as follows: each warrant will allow the warrant holder to purchase one common share of Lake Shore at a price of $3.00 for a 2 year period following the closing date of the sale of the property. The 1st anniversary payment of 200,000 common shares of Vendome to Richmond as set out in the earn-in agreement between Richmond and Vendome has also been cancelled. Closing of the sale is scheduled on or before October 31, 2011. |
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| Source:http://www.marketwire.com/mw/release.do?id=1560611&sourceType=3 |
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