Richfield Ventures Corp.

Richfield Ventures Corp.

November 23, 2007 12:52 ET

Richfield Ventures Closes Financing; to Commence Trading

QUESNEL, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2007) -


Richfield Ventures Corp. is pleased to report that it will begin trading on the TSX Venture Exchange (the "Exchange") under the symbol "RVC" on Monday, November 26, 2007. Richfield amalgamated with Oatpoint Capital Corp. on November 8, 2007 and completed concurrent financings for gross proceeds of $2,861,091.

The amalgamation of Richfield with Oatpoint, a capital pool company, and related financing served as Oatpoint's qualifying transaction (the "Qualifying Transaction") pursuant to Exchange Policy 2.4.

Mr. Peter Bernier, President, CEO and Founder, stated: "The listing on the TSX Venture Exchange is an important milestone for our shareholders as well as for the company. We are well underway with a 5000 metre drill program on our Mouse Mountain Property and focused on developing the company, which we expect will include adding further projects to our portfolio."

Richfield's team includes Peter Bernier (President, CEO, Founder), Dirk Tempelman-Kluit, Ph.D. (VP, Exploration), Susanne Bonn (Acting Chief Financial Officer) and Charles Greig, BComm. M.Sc. P.Geo., (Qualified Person). The Board of Directors consists of three independent directors, Raymond Fortier, Lindsay Bottomer P.Geo. and Victor Harwardt, and two management directors, Peter Bernier and Dirk Tempelman-Kluit.

Securities Issued in Connection with Qualifying Transaction

Richfield completed two private placements in connection with Qualifying Transaction: a common share unit financing prior to the amalgamation and flow-through share unit financing following the amalgamation. Under the placements, the following securities were issued:

- 2,658,723 common share units (the "Units") at a price of $0.35 per Unit for gross proceeds of $930,553.05, each Unit consisted of one common share (a "Common Share") of the company and one common share purchase warrant (a "0.45 Warrant") of the company. Each 0.45 Warrant entitles the holder to acquire one Common Share at a price of $0.45 per share for a period of eighteen months.

- 4,290,085 flow-through common share units (the "FT Units") at a price of $0.45 per FT Unit for gross proceeds of up to $1,930,538.20. Each FT Unit consisted of one Common Share issued on a flow-through basis and one-half of one common share purchase warrant (a "0.55 Warrant") of the company. Each whole 0.55 Warrant entitles the holder to acquire one Common Share at a price of $0.55 per share for a period of one year.

- 326,984 finder warrants, each finder warrant entitling the holder to acquire one Common Share at a price of $0.45 per share for a period of one year.

The securities issued in connection with the FT Units are subject to a four-month hold period that expires on March 8, 2008.

Further to the completion of the amalgamation, Richfield granted 2,540,000 incentive stock options to directors, executive officers and consultants, each option exercisable into one common share of the company for a period of five years at a price of $0.35 per share.

Following the completion of the amalgamation and related private placements, Richfield's total common shares issued and outstanding (on a non-diluted basis) was 25,422,712. To the knowledge of Richfield, no person beneficially owns, directly or indirectly, or exercises control or direction over, more than 10% of its common shares outstanding, except that Mr. Fortier, a director of Richfield, who currently holds 2,220,508 common shares of Richfield (representing approximately 8.73% of the outstanding common shares), will, upon completion of transfers within escrow to occur by February 8, 2008, hold 2,653,841 common shares of Richfield (representing approximately 10.44% of the common shares currently outstanding).

About Richfield

Richfield is a mineral exploration company that has been actively acquiring and exploring mineral tenures in the Quesnel Trough region of central British Columbia over the last three years. The company is currently undertaking a 5000 metre drill program on its Mouse Mountain Property near Quesnel, B.C. Richfield holds a 100% interest in mineral tenures covering approximately 90,000 hectares and holds options to explore a further 12,000 hectares.

Please visit our website at or for more information about the company.

The securities issued by the company have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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