Rodinia Minerals Inc.
TSX VENTURE : RM
OTCQX : RDNAF
PINK SHEETS : RDNAF

Rodinia Minerals Inc.

May 18, 2010 08:41 ET

Rodinia Minerals Closes Final Tranche of Private Placement Financing

TORONTO, ONTARIO--(Marketwire - May 18, 2010) - Rodinia Minerals Inc. ("Rodinia" or the "Company") (TSX VENTURE:RM)(OTCQX:RDNAF)(PINK SHEETS:RDNAF), is pleased to announced that it has completed the second and final tranche of its previously announced non-brokered private placement financing of common shares (the "Common Shares") of the Company (See Press Releases dated April 19, 2010 and April 9, 2010). The second tranche provides additional gross proceeds in the amount of $500,000, through the issuance of 1,000,000 Common Shares at a price of $0.50 per Common Share. The Common Shares are subject to resale restrictions that expire on September 18, 2010.

The Corporation closed the initial tranche for gross proceeds in the amount of $1,500,000 through the issuance of 3,000,000 Common Shares on April 19, 2010. Upon completion of the second tranche, the Company has issued an aggregate of 4,000,000 Common Shares for aggregate gross proceeds in the amount of $2,000,000. The Corporation intends to use net proceeds to continue the development of its key projects and for working capital purposes.

Closing of the financing is subject to receipt of regulatory approval, including final TSX Venture approval.

About Rodinia Minerals Inc.:

Rodinia Minerals Inc. is a Canadian mineral exploration company with a primary focus on lithium exploration and development in North and South America. The Company is positioned to capitalize on the expected increase in demand for lithium carbonate that is projected to result from the anticipated paradigm shift to mass adoption and use of key lithium applications like lithium-ion batteries as well as glass ceramics, greases, pharmaceuticals etc.

Rodinia is currently exploring its Clayton Valley project in Nevada, USA, which surrounds the only lithium-brine producer in North America, and its Diablillos project in Salta, Argentina.

Please visit the Company's web site at www.rodiniaminerals.com or write us at info@rodiniaminerals.com.

Cautionary Notes

Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the impact of the proposed financing, the closing of the proposed financing upon acceptable terms to the Company, the potential of the Company's projects; the potential results and timetable for further exploration with respect to the Clayton Valley project, timetable for further exploration, analysis and development; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, 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 RELEASE.

Contact Information

  • Rodinia Minerals Inc.
    David Stein
    President & CEO
    +1 (416) 861-5812
    +1 (416) 861-8165 (FAX)
    or
    Rodinia Minerals Inc.
    Aaron Wolfe
    Vice President, Corporate Development
    +1 (416) 309-2696
    info@rodiniaminerals.com
    www.rodiniaminerals.com