SOURCE: Raytec Development Corp.

November 15, 2007 15:07 ET

Raytec Closes Financing With the MineralFields Group

VANCOUVER, BC--(Marketwire - November 15, 2007) - Raytec Development Corp. ("Raytec" or the "Company") (TSX-V: RAY) (FRANKFURT: XZT) is pleased to announce that further to its news release dated October 17, 2007, it has closed its non-brokered private placement with the MineralFields Group ("MineralFields").

The non-brokered private placement with MineralFields consisted of 1,818,181 units ("MineralField Units") of the Company at a price of $0.55 per MineralField Unit for total gross proceeds of $1,000,000. Each MineralField Unit consists of one flow-through common share and one non-transferable share purchase warrant exercisable for a period of two years into one non flow-through common share at a price of $0.85 per share.

As a finder's fee, the Company has paid Limited Market Dealer Inc. ("LMD") a $50,000 cash commission and a due diligence fee of $40,000. LMD has also received a non-transferable share purchase warrant entitling it to purchase up to 163,636 common shares of the Company for a period of two years at a price of $0.55 per share.

"We are very pleased to be entering into this relationship with MineralFields Group," said Casey Forward, Chief Financial Officer. "This is an important milestone in the growth of Raytec Development Corp., and we look forward to working with MineralFields Group as we develop our holdings in the Athabasca Basin, Saskatchewan, regions."

All securities issued pursuant to this private placement have a hold period expiring March 14, 2008.

The proceeds from this private placement will be used for the exploration of Raytec's Saskatchewan uranium properties and for other Canadian exploration expenses incurred by the Company. These private placements proceeds and the proceeds from the private placement with Canaccord Capital Corporation, which were announced on April 20, 2007 and September 17, 2007, will fulfill the TSX Venture Exchange financing requirements to close the Company's Change of Business.

"About MineralFields, Pathway and First Canadian Securities®"

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about the MineralFields Group is available at www.mineralfields.com. First Canadian Securities® is active in leading resource financings (both flow-through and hard-dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of, MineralFields Group.

Raytec Development Corp. is a Canadian-based mineral exploration and development company with current properties in the Key Lake area of the Athabasca Basin, Saskatchewan, Canada. The company is seeking to develop their Key Lake uranium property, and is aggressively seeking other opportunities in similarly high-profile areas for energy-related commodities, precious and base metal projects.

On behalf of the Board,

RAYTEC DEVELOPMENT CORP.

"Casey Forward," CFO

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Contact:
    RAYTEC DEVELOPMENT CORP.
    #200-551 Howe Street
    Vancouver, BC V6C 2C2
    Tel: (604) 683-8610
    Fax: (604) 683-4499