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Roca to Complete Working Capital Financing
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Vancouver, British Columbia: Roca Mines Inc. (ROK: TSX-V) ("Roca" or
the "Company") announces that it will be completing a non-brokered
private placement for proceeds of $1 million through the issuance of
4,000,000 units at a price of $0.25 per unit. Proceeds from this
financing will be used for general working capital.
Each unit will consist of one common share of Roca and one common share
purchase warrant. Each warrant will entitle the holder to purchase one
additional common share at a price of $0.35 for 24 months from the
closing date. All shares and warrants issued under this private
placement will be subject to a four month hold period. Finders' fees
payable in cash and/or securities will be paid on closing in connection
with this financing, which is subject to regulatory approval.
As a result of the rapid decline in molybdenum prices, operating
cash-flows from sales completed in the first quarter ended November 30,
2008 were approximately $12 million lower than forecasted. The Max
molybdenum mine restarted production on January 8, 2009 and the Company
remains cash-flow positive at today's molybdenum prices, however, the
unscheduled shutdown has resulted in an immediate need for a working
capital injection.
The Phase I mine plan for MAX Molybdenum Mine is focused on the
deposit's high-grade zone containing 280,000 measured and indicated
tonnes grading 1.95% MoS2 (refer to T.N. Macauley's 43-101 compliant
technical report dated September 2004 available via SEDAR). Molybdenum
oxide currently trades in the US$9.50/lb. range.
ROCA MINES INC.
"Scott Broughton"
Scott E. Broughton, P.Eng. - President & CEO
For further information contact:
Investor Relations
Tel: 604-684-2900
Fax: 604-684-2902
Email: info@rocamines.com
Web: www.rocamines.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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Copyright (c) 2009 ROCA MINES INC. (ROK) All rights reserved. For
more information visit our website at http://www.rocamines.com/ or send
mailto:info@rocamines.com
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Roca Mines Inc.
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DEVELOPMENT STAGE |
CODE : ROK.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Roca Mines is a gold and molybdenum exploration company based in Canada. Roca Mines holds various exploration projects in Canada. Its main asset in development is MAX in Canada and its main exploration properties are FOREMORE and SEAGOLD in Canada. Roca Mines is listed in Canada and in United States of America. Its market capitalisation is CA$ 38.2 millions as of today (US$ 27.8 millions, € 26.1 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 3.98, and its lowest recent point on August 24, 2012 at CA$ 0.02. Roca Mines has 123 250 000 shares outstanding. |