Republic Goldfields Inc.

March 09, 2011 18:15 ET

Republic Goldfields Announces Closing of Private Placement Financing

TORONTO, ONTARIO--(Marketwire - March 9, 2011) - Further to its press release on December 20, 2010, Republic Goldfields Inc. (the "Corporation") is pleased to announce that is has completed a non-brokered private placement of units of the Corporation ("Units") pursuant to which an aggregate of 3,000,000 Units were sold to accredited investors resident in the province of Ontario and qualified investors resident in certain foreign jurisdictions, at a price of $0.10 per Unit, for aggregate gross proceeds of $300,000 (the "Offering").

The Units sold pursuant to the Offering were comprised of one (1) common share of the Corporation (a "Common Share") and one half (1/2) of a common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one additional Common Share on or before the date that is up to two (2) years from the date the Common Shares are listed for trading on a stock exchange in Canada, at an exercise price of $0.15 per Common Share. The Warrants contain a feature enabling the Corporation to accelerate the expiry date for the Warrants upon notice to the Warrant holders.

The Offering was conducted in accordance with the terms of a partial revocation of the cease trade order issued by the Autorité des Marchés Financiers (the "AMF") on May 30, 2005, and a partial revocation of the cease trade order issued by the British Columbia Securities Commission (the "BCSC") on April 11, 2006 (together, the "Partial Revocation Orders").

The proceeds from the Offering will be used to prepare and file continuous disclosure documents with the AMF, the BCSC and the Alberta Securities Commission (the "ASC") with a view to obtaining full revocations of the cease trade orders issued by each of the AMF, the BCSC and the ASC, to pay filing fees to AMF, the BCSC and the ASC, to pay outstanding fees to the Corporation's transfer agent and to fund the preparation of the application for the full revocation of the cease trade orders of each of the AMF, the BCSC and the ASC.

The securities issued in connection with the Offering will remain subject to the cease trade orders of each of the AMF, the BCSC and ASC until each such cease trade order is revoked in full.

REPUBLIC GOLDFIELDS INC.
Tel: (416) 977-4653

This press release contains "forward-looking". All statements, other than statements of historical fact, that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future constitute forward-looking information. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained in this press release includes, but may not be limited to the granting of a full revocation of the cease trade order issued by each of the AMF, the BCSC and the ASC.

Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: the Corporation's inability to complete its continuous disclosure filings or to satisfy the requirements of the AMF, the BCSC and/or the ASC with respect to obtaining a full revocation of the cease trade order issued by each such regulatory authority.

Contact Information

  • Republic Goldfields Inc.
    Donald Empey
    President
    (416) 977-4653