More Financing wow - what's next are they going to take kids Unicef boxes on halloween for the next round of financing?
Rocmec closes $850,000 unit financing
2007-10-16 16:57 ET - News Release
Mr. John Stella reports
ROCMEC CLOSES AN $850,000 FINANCING WITH INDUSTRIAL ALLIANCE SECURITIES INC
Rocmec Mining Inc. subject to the approval of the TSX Venture Exchange, has closed an $850,000 financing with Industrial Alliance Securities Inc. Priced at 18 cents per unit, each unit comprises 0.88 flow-through common share, 0.12 non-flow-through common share and one transferable common share purchase warrant. Each common share purchase warrant is exercisable into one common share of the company for a period of two years from closing at an exercise price of 30 cents for the first 12 months and 35 cents for the last 12 months. Industrial Alliance Securities Inc. will obtain a cash finder's fee from the company equal to 10 per cent of the total gross proceeds, a share certificate equal to 5 per cent of the total number of units issued along with finder's warrants equal to 5 per cent of the number of units subscribed for. The warrants are issued under the same terms as the warrants issued to the subscribers.
All the securities issued in virtue of this placement are subject to certain resale restrictions imposed under the applicable securities laws, which require that the securities not be traded for a period of four months.
The proceeds from the sale of the flow-through units will be used by the company for underground development of its Rocmec 1 project located in Rouyn-Noranda, Que. Subject to the approval of the TSX Venture Exchange, Rocmec announces that it will proceed with the issuance of 68,182 common shares in payment of the interest in accordance with the terms and conditions of the unsecured convertible debenture issued to Fonds regional de solidarite Abitibi-Temiscamingue, s.e.c. in March, 2006.
About Rocmec 1
The Rocmec 1 property is located in the Dasserat township, about 36 kilometres (km) west of Rouyn-Noranda, Que., in the Abitibi region of Quebec, in close proximity to two world-class mining camps, the Rouyn-Noranda copper-gold camp to the southeast in Quebec and the Kirkland Lake/Larder Lake gold camp to the southwest in Ontario.
The gold mineralization at the Rocmec 1 property is linked to east-northeast, centimetric- and metric-wide quartz veins within a kilometric-long-by-600-metre-wide gabbro to granodiorite intrusive host. There are at least six major vein systems identified on the property; however, recent underground work by the company has confirmed that several veins are likely part of the same system, simply offset by north trending faults. The veins are part of diverging/converging or an anastomosing fracture system than includes shearing, alteration (silica, chlorite, sericite, epidote and carbonate) and 2 per cent to 10 per cent disseminated and vein-type pyrite that can attain overall widths in excess of 30 m.
The best known vein system is termed the McDowell zone that may include three different vein sets, and has been recognized over a 1,650-metre-long strike length, to 320 metres depth, carrying an average of 6.07 grams per tonne (g/t) gold over a 0.82-metre horizontal width.
A technical report (dated March 19, 2007), compliant with National Instrument (NI) 43-101 standards of disclosure, was prepared by Systemes Geostat International Inc. of Blainville (Quebec) identified mineral resources of 521,800 tonnes at 5.15 g/t gold (86,550 ounces of gold) in the measured and indicated resources category. There is an additional 2.25 metric tonnes at 6.32 g/t gold (456,900 ounces of gold) in the inferred resources category.
We seek Safe Harbor.