Richmond Minerals Inc. - Proposed Shares-for-Debt Settlement

TORONTO, July 10, 2014 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) ("Richmond") is pleased to announce that it intends to settle obligations (the "Settlements") owed to certain of its directors, officers and arm's length consultants, as well as an arm's length lender, in the aggregate amount of $206,650 by issuing an aggregate of 2,952,142 common shares to such persons at a deemed value of $0.07 per share.

The Settlements primarily represent payments for consulting fees but will also settle various other liabilities including directors' fees, a severance payment, and loan interest. Completion of the Settlements remains subject to the approval of the TSX Venture Exchange (the "TSX-V"). 

Cautionary Statements

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the Settlements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the TSX-V approval process. Although Richmond believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that TSX-V approval will be obtained in a timely manner and that the Settlements will be completed as contemplated, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Richmond disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.

SOURCE Richmond Minerals Inc.