RIMOUSKI, QUEBEC--(Marketwire - Aug. 21, 2012) - NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES.
Ressources Appalaches (TSX VENTURE:APP) announces the closing of a private placement with accredited investors, for a total amount of $ 1,303,027 completed mostly through, Axiom Capital Management Inc. of New York.
The proceeds from this placement will be used to rehabilitate the Dufferin Mine, Nova Scotia, with the goal of initiating mine dewatering activities. In the meantime, rehabilitation of existing infrastructure is progressing rapidly, the permitting application process for dewatering is nearing completion and the due diligence related to the loan financing is proceeding.
In this placement Appalaches issued 16,287,842 common shares at $0.08 per share and 16,287,842 warrants. Each warrant gives its holder the right to purchase one common share at $0.16 per share no later than August 21, 2014. These securities are subject to a four-month holding period. In connection with this placement, Appalaches paid finders' fees a total of $83,831 and issued 1,047,882 warrants, each giving the right to purchase one (1) common share at a price of $0.16 per share for a period of two years following the date of closing.
Headquartered in New York, NY, Axiom Capital Management, Inc. is a FINRA registered Broker-Dealer with 63 employees and more than $1.4 billion in assets under management (AUM). With a solid capital base and over 20 years of experience, Axiom combines broad-based transactional expertise with in-depth industry knowledge, to provide superior service to their clients.
About Ressources Appalaches
Founded in 1994, the goal of Ressources Appalaches has been to discover and develop deposits of base and precious metals in Canada, and more especially in Québec and Nova Scotia. Appalaches is now mainly focused on the 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: www.ressourcesappalaches.com.
The contents of this press release were prepared and checked by Alain Hupé, Eng. a Qualified Person as defined in NI 43-101.
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.
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.