Ressources Appalaches Completes Private Placement of $1,284,500 to Extend and Define Resources at Dufferin Mine
30 May 2014 - 4:42AM
Marketwired
Ressources Appalaches Completes Private Placement of $1,284,500 to
Extend and Define Resources at Dufferin Mine
RIMOUSKI, QUEBEC--(Marketwired - May 29, 2014) - Ressources
Appalaches (TSX-VENTURE:APP)(FRANKFURT:OU3) announces the closing
of a private placement with accredited investors for a total amount
of $1,284,500. The proceeds from this placement will be mainly used
to extend and define resources at Dufferin Mine. A second drill
will be moved shortly to the mine for surface drilling. An update
on the plant commissioning will be released soon.
Alain Hupé, Ressources Appalaches president and CEO, declared:
"In less than a year, we have gone from exploration to an
operational gold mining company. We are now ramping it up to full
capacity of 300 tpd by this August. With this new financing, we
will be able to move forward more rapidly toward our next goal of
doubling production".
In this placement Appalaches issued 12,845,000 flow-through
units at $0.10 per unit and 12,845,000 warrants. Each warrant gives
its holder the right to purchase one common share at $0.15 per
share no later than May 28, 2016. These securities are subject to a
four-month holding period. In connection with this placement,
Appalaches paid finders' fees a total of $102,760 and issued
1,027,600 warrants, each giving the right to purchase one common
share at a price of $0.10 per share for a period of two years
following the date of closing.
About Ressources Appalaches
Since it was created in 1994, the goal of Ressources Appalaches
has been to discover and develop deposits of base and precious
metals in Canada with an expertise targeted towards the Appalachian
geological formation in Québec and Nova Scotia. The Company is
mainly focused on the exploration and 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 reviewed by
Alain Hupé, Eng. a Qualified Person as defined in NI 43-101.
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.
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.
Alain Hupe, Eng.President and CEO
418-724-0901info@ressourcesappalaches.com
(TSXV:APP)
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