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Toronto, Canada (November 5, 2007) � Richview Resources Inc. ("Richview")
(TSX:RVR) is pleased to announce that
it has completed a non-brokered private placement for gross proceeds of
$3,300,000 through the sale of 15,000,000 flow-through units at an issue
price of $0.22 per unit to the MineralFields Group.
Each unit consists of one flow-through common share and one non
flow-through common share purchase warrant. Each whole warrant entitles the
holder thereof to acquire one additional non flow-through common share at
an exercise price of $0.35 for a period of two years following the closing
date.
All securities issued pursuant to the private placement will be subject to
a four month hold period following the closing date.
Richview paid a finder's fee in respect of the private placement in the
amount of $165,000, being 5% of the gross proceeds raised pursuant to the
private placement. Richview also issued 1,200,000 compensation options,
each option exercisable at $0.22 and entitling the holder to purchase one
unit consisting of one non flow-through common share and one common share
purchase warrant exercisable at $0.35. The compensation option will expire
2 years from the date of issue.
"We are very pleased to be entering into this relationship with the
MineralFields Group", said Sol Prizant, President and CEO of Richview.
"This is an important milestone in the growth of Richview and we look
forward to working with MineralFields Group as we continue to develop our
properties."
About Richview
Richview is the sole owner of the past-producing Thierry Mine property in
north-western Ontario, adjacent to the town of Pickle Lake. Richview is a
Canadian company committed to responsible development of natural resources
while respecting local environmental, community and social interests.
This press release is available on the Richview IR HUB for investor
commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/ir/richview . Alternatively, investors are asked to e-mail
all questions and correspondence to RVR@agoracom.com where they can also
request addition to the investor e-mail list to receive all future press
releases and correspondence directly.
About
MineralFields, Pathway and First Canadian Securities �
MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway
Asset Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group
is available at www.mineralfields.com. First Canadian Securities�, a
division of Limited Market Dealer Inc., is active in leading resource
financings (both flow-through and hard dollar) on competitive, effective
and service-friendly terms, with investors both within, and outside of
MineralFields Group.
For more information please contact:
Richview Resources Inc.
Sol Prizant, CEO and President
416-703-5435
info@richviewresources.com
http://www.richviewresources.com
CHF Investor Relations
Alison Tullis, Account Manager
416.868.1079 x233
alison@chfir.com
http://www.chfir.com
AGORACOM Investor Relations
Al O'Grady, Investor Relations
RVR@agoracom.com
http://www.agoracom.com/ir/richview
Neither the TSX, nor any other securities regulatory authority has
approved or disapproved of the contents of this news release.
This press release includes certain forward-looking statements within the
meaning of Canadian securities laws that are based on expectations,
estimates and projections as of the date of this press release. There can
be no assurance that such statements will prove accurate, and actual
results and developments are likely to differ, in some case materially,
from those expressed or implied by the forward-looking statements contained
in this press release. Readers of this press release are cautioned not to
place undue reliance on any such forward-looking statements.
Forward-looking statements contained in this press release are based on a
number of assumptions that may prove to be incorrect, including, but not
limited to: timely implementation of anticipated drilling and exploration
programs; the successful completion of new development projects, planned
expansions or other projects within the timelines anticipated and at
anticipated production levels; the accuracy of reserve and resource
estimates, grades, mine life and cash cost estimates; whether mineral
resources can be developed; title to mineral properties; financing
requirements; general economic conditions; and changes in laws, rules and
regulations applicable to Richview. In addition to being subject to a
number of assumptions, forward-looking statements in this press release
involve known and unknown risks, uncertainties and other factors that may
cause actual results and developments to be materially different from those
expressed or implied by such forward-looking statements. Richview has no
intention or obligation to update the forward-looking statements contained
in this press release.
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