Raytec Metals Corp.

Raytec Metals Corp.

June 11, 2009 15:29 ET

Raytec Increases Recently Announced Private Placement by 1,000,000 Units

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2009) - Raytec Metals Corp. (the "Company" or "Raytec") (TSX VENTURE:RAY) - Further to the Company's news release of May 28, 2009, the Company is pleased to announce that due to significant demand it has increased the private placement announced therein by an additional one million units such that the private placement will now consist of 11 million units at a price of $0.30 per unit for total gross proceeds of $3,300,000.00. Each unit will consist of one common share and one non transferable common share purchase warrant. Each warrant will entitle the holder to subscribe for one additional common share at a price of $0.50 for a period of two years from the date of closing. A finder's fee of 5% of the total proceeds raised under the offering will be payable in cash on closing and in addition, the finder will receive warrants equal to 5% of the offering. Each finder's warrant will be exercisable into one common share of the Company for a period of two years after the date of closing at $0.50 per common share. The private placement is subject to the acceptance of the TSX Venture Exchange. The private placement was arranged in conjunction with the proposed farm-in letter of intent with Africa Oil Corp.

About Raytec:

Raytec Metals Corp. is a well-financed, Canadian exploration company with over 180,000 acres of potash permits in Saskatchewan, Canada - the largest producing region for potash in the world. The Company holds approximately a 20 per cent interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer. The Company is further diversified with iron ore projects in Ontario, and uranium joint venture projects in the Athabasca Basin of Saskatchewan.

On behalf of the Board,


Brian Thurston, President and CEO

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploration activities and events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the Offering (including the anticipated closing date) and future exploration plans and expenditures. Although, the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions, including among others, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected on the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Raytec Metals Corp.
    Brian Thurston
    President and CEO
    604 688 6410
    604 688 6402 (FAX)