Romarco Minerals Inc.
Romarco Announces Clarification
today announces that its non-brokered private placement previously
announced in its press release dated June 11, 2008 and July 23, 2008 (the
“Offering”) is oversubscribed. The Company clarifies that the Offering
will consist of up to 51,625,284 million units (the “Units”) at C$0.20 per
Unit, for aggregate gross proceeds of up to approximately C$10.3 million.
The press release issued July 23, 2008 noted the units offered were 51.6
million and the Company is clarifying the exact number of units subscribed
As a result of the private placement, Sun Valley Gold Master Fund will
increase its non-diluted share position in the Company from 15% to 29.6%.
On a diluted basis, Sun Valley Gold Master Fund will own 34.28% of the
shares of the Company. US Global Investors also subscribed to the private
placement to maintain its share holding of approximately 11% on a
Closing of the Offering is expected to take place on July 25, 2008 and is
subject to the satisfaction of customary closing conditions and the receipt
of all necessary approvals, including the approval of the TSX Venture
All securities issued pursuant to the Offering will be subject to a four
month hold period.
The option grants disclosed in the press release dated July 23, 2008 have
an expiry date of July 23, 2013.
Romarco Minerals Inc. is a gold development company focused on production
in the US and Mexico. The Company’s flagship project is the Haile Gold Mine
in South Carolina which is currently undergoing feasibility. The Pinos Gold
District in Mexico is a high grade epithermal vein district in the advanced
exploration stage. The Company also has two gold exploration projects in
For further information, please contact Diane Garrett, President and C.E.O.
at (830) 634-7489 or Shirene Urton, Executive Assistant at (775) 355- 1900.
ON BEHALF OF ROMARCO MINERALS INC.
"Diane R. Garrett" Diane R. Garrett, President and C.E.O.
This news release does not constitute an offer to sell or a solicitation of
an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the “U.S. Securities Act”) or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
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