TORONTO, ONTARIO--(Marketwired - July 28, 2016) - Romios Gold Resources Inc. (TSX VENTURE:RG)(OTC PINK:RMIOF)(FRANKFURT:D4R) ("Romios" or the "Company") is pleased to announce that the Company has closed the final tranche of its non-brokered private placement (the "Offering") with the sale of a further 1,128,572 flow-through units ("FT Units") at $0.07 per FT Unit for a gross proceeds of $79,000 and 2,887,917 working capital units ("WC Units") at $0.06 per WC Unit for a gross proceeds of $172,675. For details of the terms of the FT Units and WC Units, see the Company's press release of June 9, 2016. The Company paid cash finder's fees of $1,344 and issued 22,400 broker warrants ("Broker Warrants") in respect of the final closing. Each Broker Warrant entitles the holder to acquire a common share, priced at $0.07 until July 27, 2017. The securities issued are subject to a hold period expiring on November 28, 2016.
The Company raised a total of $454,675, an aggregate of $282,000 of flow-through funds and $172,675 of working capital pursuant to the Offering. Insiders subscribed for $73,500 of the Offering. The funds from the Offering will be used for a drill program on the Company's Lundmark-Akow Lakes property. The drill program will test the significance of the geophysical anomalies which are deeper than those tested in previously drilled holes. See the Company's news release dated May 19, 2016. The Lundmark-Akow Lakes claims are located just north of Goldcorp's Musselwhite Mine, within the North Caribou Lake greenstone belt in the Patricia Mining Division, northwestern Ontario.
An insider of the Company subscribed for 150,000 FT Units in this tranche of the Offering. The insider private placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contain in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company issued to the insider did not exceed 25% of its market capitalization.
About Romios Gold Resources Inc.
Romios Gold Resources Inc., a progressive Canadian mineral exploration company established in 1995, is engaged in precious and base metal exploration primarily focused on gold, silver and copper in its properties in British Columbia centrally located between Galore Creek Mining Corporation's large copper-gold-silver deposit and Barrick's high grade gold mine at Eskay Creek. Romios has other property interests in Ontario, Quebec, and Nevada.
This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward- looking statements and shareholders are cautioned not to put undue reliance on such statements.
Neither 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.
