Welcome To The Rye Patch Gold Corp HUB On AGORACOM
Rye Patch Gold Corp. is a Tier 1, well-funded junior mining company led by a seasoned management team that has participated in major discoveries totaling over 100-million ounces of gold.
Message: Rye Patch Gold Private Placement Oversubscribed and Completed
| February 24, 2009 |
| Rye Patch Gold Private Placement Oversubscribed and Completed |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2009) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Rye Patch Gold Corp. (TSX VENTURE:RPM)(TSX VENTURE:RPM.WT)(OTCBB:RPMGF) ("Rye Patch" or the "Company") is pleased to announce that its non-brokered private placement (the "Private Placement") has been oversubscribed and completed. Pursuant to the second and final closing of the Private Placement, the Company issued 4,881,666 units at a price of $0.12 per unit for gross proceeds of $585,800, bringing the total number of units issued under the Private Placement to date to 7,135,833 units for total gross proceeds of $856,300. The Private Placement was previously announced on December 15, 2008 and February 17, 2009. Each unit consisted of one common share ("Share") of the Company and one common share purchase warrant ("Warrant"), with each Warrant entitling the holder to purchase one common share of the Company at a price of $0.15 for a period of two years from the issuance date of the Warrant. Pursuant to the second and final closing, an insider of the Company subscribed for 441,666 units. The closing of the insider's subscription for units occurred less than 21 days from the date hereof in order for the Company to close the insider's subscription concurrently with the other subscribers. The Shares and Warrants issued under the second and final closing, and the Shares issuable upon exercise of such Warrants, are subject to a hold period in Canada that expires on June 24, 2009. In connection with the final closing of the Private Placement, the Company also paid a finder's fee in cash of $22,320 to an arm's length party. The Private Placement is subject to the final approval of the TSX-Venture Exchange. The net proceeds from the Private Placement will be used for exploration and development of the Company's projects, for acquisitions and for working capital. Rye Patch Gold Corp. is a Nevada-focused and discovery-driven company building a sizeable inventory of gold resource assets in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in acquisition, exploration and development of quality resource-based gold projects. Rye Patch Gold is developing its primary assets - the advanced-stage Wilco project located within the Humboldt Gold Trend in west-central Nevada and the Jessup project in Churchill County, Nevada. The Company is seeking gold opportunities that continue to create shareholder value and leverage the gold price. For more information about Rye Patch Gold, please visit our website at www.ryepatchgold.com. On behalf of the Board of Directors William C. (Bill) Howald, CEO & President |
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