Rochester to raise $11.5-million for exploration2009-10-01 09:39 ET - News Release
An anonymous director reports
ROCHESTER RESOURCES ANNOUNCES ENGAGEMENT OF BMO CAPITAL MARKETS AND GMP SECURITIES FOR FINANCING
Rochester Resources Ltd. has engaged BMO Capital Markets and GMP Securities LP to act as agents for a private placement of approximately $11.5-million of units, each unit consisting of one common share of the company and one-half of one common share purchase warrant. The purchase price of the units and the exercise price and exercise period of the warrants will be determined in the context of the markets. The net proceeds of the private placement will be used to finance exploration and development activities on the company's precious metals properties in Mexico and for general corporate purposes.
The units will be offered in all provinces of Canada by way of a private placement pursuant to applicable prospectus exemptions, and may be offered to United States purchasers on a private-placement basis pursuant to an exemption from the registration requirements in Rule 144A or Regulation D under the U.S. Securities Act of 1933, as amended. The securities comprising the units will be subject to a four-month hold period in Canada from the date of the closing of the private placement.