RE: WTFThermal fragmentation…mining shares not GOLD! soon to have a 10 for 1 roll back
ROCMEC TO INDEMNIFY ITS SUBSCRIBERS
Sep. 2, 2010 (TheNewswire.ca) --
Vaudreuil-Dorion,Quebec, September 2nd, 2010 -Rocmec Mining Inc. («Rocmec» or the«company»)(TSX-V: RMI)(FSE: D5O) announces that following an audit bythe Canada Revenue Agency of Rocmec's flow-through expenses over thecourse of the years 2007 to 2009, all the flow-through expenses Rocmecrenounced to the subscribers of the flow-through common shares wereaccepted. However, with regards to underground exploration work theCanada Revenue Agency decided to refuse eligibility to the federal taxcredit FITC.
The amount of the refused FITC represents 15% of theexpenses that the company renounced to the subscribers. Thesesubscribers should receive a reassessment representing 15% of theirsubscription less the federal income tax paid on the taxation of theFITC during the following year. The amount of FITC refused for theaudited years totals $2,343,650, of which, an amount of $1,775,782 isdue by Rocmec in favour of its subscribers ("compensation").
Havingagreed to indemnify the subscribers in such circumstances, Rocmec hasdecided to issue common shares to the subscribers affected by thesemeasures. The number of shares offered to the subscribers will represent11.4% of the FITC refused at an issue price of
.05. A total of35,515,640 common shares will be issued in settlement of thecompensation. The contemplated measure undertaken by the Companycomplies with the undertakings of the latter with its subscribers.
Inconformity with the requirements of the TSX Venture exchange the sharesare subject to a resale restriction period of 4 months and 1 day.
The present transaction is subject to the approval of the TSX Venture exchange.
About Rocmec Mining Inc. (OOTC:RCCMF) (TSXV:RMI)
Rocmec'sgrowth strategy is to focus on the development of quality assets thatwill significantly enhance shareholder value by employing, across theAmericas, its exclusive and patented thermal fragmentation mining methodto extract ore from narrow-vein deposits. Exploitation of narrowhigh-grade precious metal veins with its innovative mining method willlead the Company in becoming a mid-size gold producer. Moreover, theservice contracts allow to generate additional revenues and expand theusage of this unique technology.
Thermal fragmentation…mining ounces not TONNES!
The Thermal Fragmentation Mining Method video can be viewed on Rocmec's website or by clicking the following link:
https://www.rocmecmines.com/video_an.asp
RocmecMining Inc. is a Canadian junior exploration company actively involvedin the acquisition, exploration and development of precious metalprojects. The Company's exclusive thermal fragmentation process combinedwith its growth strategy place it as the partner of choice for thedevelopment of high-grade narrow vein precious metal properties. TheCompany's shares are listed on the TSX-Venture (RMI) and the FSE (D5O)exchange.
This press release includes certain statements that maybe deemed "forward-looking statements". All statements in this release,other than statements of historical facts, that address futureexploration drilling, exploration activities and events or developmentsthat the Corporation expects, are forward looking statements. Althoughthe Corporation believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual resultsor developments may differ materially from those in forward-lookingstatements. Factors that could cause actual results to differ materiallyfrom those in forward-looking statements include market prices,exploitation and exploration successes, continued availability ofcapital and financing, and general economic, market or businessconditions.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracy ofthis release.
Please visit us on the web at www.rocmecmines.com
For additional information, contact:
Mr. Donald Brisebois Mr. John Stella
President & CEO Investor relations Manager
Telephone (450) 510-4442 begin_of_the_skype_highlighting (450) 510-4442end_of_the_skype_highlighting(450) 510-4442 begin_of_the_skype_highlighting (450) 510-4442end_of_the_skype_highlighting
Fax (450) 510-9901 (450) 510-9901
Cell (514) 718-7976 begin_of_the_skype_highlighting (514) 718-7976end_of_the_skype_highlighting
Email: dbrisebois@rocmecmines.com Email: jstella@rocmecmines.com
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