OXBRIDGE2009-11-24 18:12 ET - News Release
Mr. Darren Stark reports
OXBRIDGE BANK AND TRUST SCC ENTERS INTO AN AGREEMENT TO ACQUIRE COMMON SHARES OF RICHMONT MINES INC.
Oxbridge Bank and Trust SCC, located at Chelston Park, Collymore Rock, St. Michael, Barbados, has entered into a binding agreement to acquire 2.23 million common shares of Richmont Mines Inc. from a private investor, at a price of $3.50 (U.S.) per common share. Closing of the acquisition is subject to certain conditions and is expected to occur by Nov. 27, 2009. Also, from May 8 to Nov. 10, 2009, Oxbridge acquired 9,400 common shares on the Toronto Stock Exchange at a price of $3.62 (Canadian) per common share and 71,454 common shares on the NYSE AMEX at prices ranging from $3.39 (U.S.) to 3.41 (U.S.) per common share for a total price of $290,236.03 (Canadian). Upon and subject to the closing of the acquisition from the private investor, Oxbridge, together with joint actors, will own and control 5,013,254 common shares and 75,000 options to purchase common shares of Richmont representing in the total approximately 19.49 per cent of the issued and outstanding shares (excluding shares underlying outstanding options) of Richmont.
In its previous early warning report, Oxbridge reported that it had acquired the common shares of Richmont for investment purposes only. The early warning report will now be updated to reflect certain changes to the investment intentions, objectives and strategy of Oxbridge.