News Releases
April 1, 2010
Closes Private Placement And Property Acquisition
Ringbolt Ventures Ltd. has closed a private placement for the sale of 2.78 million units at 10.5 cents per unit for a total of $291,900, where each unit consists of one common share of the company and one share purchase warrant having a five-year term for the purchase of one further common share of the company at the exercise price of 25 cents per share. All of the securities issued under the private placement are subject to a four-month hold period expiring July 27, 2010.
The company received acceptance from the TSX Venture Exchange with respect to the option agreement between the company and Kalac Holdings Ltd. and Frontier Asset management Ltd., under which the company has an option to acquire a 100-per-cent interest in certain mineral claims known as the Roaring River property. The property consists of nine claims totalling 139 claim units, located approximately 140 kilometres north of Thunder Bay, Ont. Consideration for the option is a cash payment of $210,000, an issue of two million common shares of the company and the spending of $1-million in exploration expenditures over a five-year period. The optioners retain a 2-per-cent net smelter return, up to 1 per cent of which may be purchased by the company for $1-million.
The company has closed the transaction, paid $210,000 and issued 2,000,000 shares to the Optioners. All common shares issued pursuant to this transaction are subject to a hold period expiring July 27, 2010.
On behalf of the Board of Directors
Simon Tam, Director
Disclaimer and Cautionary Statement Regarding Forward-Looking Information
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 press release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
Ringbolt Ventures Ltd. seeks safe harbor.
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