SOURCE: Romarco Minerals Inc.

August 11, 2008 14:40 ET

Romarco Receives Approval for Private Placement

SPARKS, NV--(Marketwire - August 11, 2008) - ROMARCO MINERALS INC. (TSX-V: R) (the "Company") today announces that it has received final regulatory approval for its non-brokered private placement which closed on July 25, 2008 (the "Offering"). The Offering consisted of 51,625,284 units (the "Units") at C$0.20 per Unit, for aggregate gross proceeds of C$10,325,057. Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Common Share for a period of one year from the closing date of the Offering at an exercise price of $0.25 per Common Share.

The Company currently has $15 million in cash and no debt. Of its cash, $3 million is restricted and held in a bond for the Haile Gold Mine. The Company is well positioned to advance the Haile Gold Mine through an aggressive exploration program and feasibility study and for drilling the Pinos Gold District in Zacatecas, Mexico.

The net proceeds from the Offering will be used, together with the Company's existing cash resources, to fund exploration drilling and permitting at the Haile Gold Mine, for exploration at the Company's Pinos District in Mexico and for general working capital purposes.

All securities issued pursuant to the Offering will be subject to a four-month hold period.

For further information, please contact Diane Garrett, President and C.E.O. at (830) 634-7489 or Shirene Urton, Executive Assistant at (775) 355-1900.

ON BEHALF OF ROMARCO MINERALS INC.

"Diane R. Garrett"
Diane R. Garrett,
President and C.E.O.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.

Contact Information

  • Contact:
    Diane Garrett
    President and C.E.O.
    (830) 634-7489

    Shirene Urton
    Executive Assistant
    (775) 355-1900