RIMOUSKI, QUÉBEC--(Marketwired - May 29, 2014) - Ressources Appalaches (TSX VENTURE:APP)(FRANKFURT:OU3) announces the closing of a private placement with accredited investors for a total amount of $1,284,500. The proceeds from this placement will be mainly used to extend and define resources at Dufferin Mine. A second drill will be moved shortly to the mine for surface drilling. An update on the plant commissioning will be released soon.
Alain Hupé, Ressources Appalaches president and CEO, declared: "In less than a year, we have gone from exploration to an operational gold mining company. We are now ramping it up to full capacity of 300 tpd by this August. With this new financing, we will be able to move forward more rapidly toward our next goal of doubling production".
In this placement Appalaches issued 12,845,000 flow-through units at $0.10 per unit and 12,845,000 warrants. Each warrant gives its holder the right to purchase one common share at $0.15 per share no later than May 28, 2016. These securities are subject to a four-month holding period. In connection with this placement, Appalaches paid finders' fees a total of $102,760 and issued 1,027,600 warrants, each giving the right to purchase one common share at a price of $0.10 per share for a period of two years following the date of closing.
About Ressources Appalaches
Since it was created in 1994, the goal of Ressources Appalaches has been to discover and develop deposits of base and precious metals in Canada with an expertise targeted towards the Appalachian geological formation in Québec and Nova Scotia. The Company is mainly focused on the exploration and development of the Dufferin Gold Mine in Nova Scotia.
Photos of the Dufferin Mine and its facilities are available on the Company's website at:
The contents of this press release were prepared and reviewed by Alain Hupé, Eng. a Qualified Person as defined in NI 43-101. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this release.
This press release may contain certain forward-looking statements that include elements of risk and uncertainty. Consequently, actual results may differ substantially from those anticipated in such statements. These risks and uncertainties are described in the quarterly and annual reports, and in the documents submitted to the securities administration.