TORONTO, ONTARIO--(Marketwire - March 20, 2013) -
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
ROMARCO MINERALS INC. (TSX:R) ("Romarco" or the "Company") announces that, in light of current market conditions, it has determined not to proceed with its previously announced public offering of common shares at this time and is withdrawing its preliminary short form prospectus previously filed on March 19, 2013.
Diane Garrett, President and CEO stated: "While our key shareholders have indicated their continued support for the Company, several expressed their preference that the Company explore alternative financing structures versus the proposed prospectus offering. The Company is in the fortunate position of having a strong balance sheet. While the proposed offering would have provided the Company additional flexibility as it proceeds through permitting and project related payments, the Company has the ability to continue its course to complete the permitting phase with existing cash on hand. We sincerely appreciate the support of our long-term shareholders."
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. The forward-looking statements included in this press release are made as of the date of this press release and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
About Romarco Minerals Inc.
Romarco Minerals Inc. is a gold development company focused on production primarily in the US. The Company has completed a positive Feasibility study and is continuing exploration drilling and permitting for its flagship project, the Haile Gold Mine in South Carolina.
This entire press release may be accessed via fax, e-mail, Romarco's website at www.romarco.com. All material information on Romarco Minerals Inc. can be found at www.sedar.com.