TORONTO, Dec. 17, 2015 /CNW/ - Red Tiger Mining Inc.,
(TSXV: RMN), is pleased to announce that it has closed on
16,336,664 common shares of its previously announced private
placement for approximately CAD$816,833 (or CAD$0.05 per common share).
No commission or finder's fee will be paid in connection with
the Private Placement. The shares will be offered pursuant to
exemptions from prospectus requirements of applicable securities
legislation and will be subject to a hold period of four months and
a day from their date of issuance. The Private Placement is subject
to TSX Venture Exchange approval.
Any subscriptions by insiders will be considered to be related
party transactions within the meaning of TSX Venture Exchange
("TSXV") Policy 5.9, which incorporates Multilateral Instrument
61-101 ("MI 61-101"). The Company is relying on the exemptions from
the valuation and minority shareholder approval requirements of MI
61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in
respect of such participation.
Additionally, Red Tiger announces
that it has resumed mining operations at the Luz del Cobre mine.
Mining had previously been suspended in November 2014 due to the presence of clay
material, which was stacked on the leach pad.
About Red Tiger Mining
Red Tiger is engaged in copper
cathode production, and in the exploration and development of
copper and gold projects through its wholly-owned subsidiary,
Minerales Libertad, S.A. de C.V. ("Minerales") at San Antonio de la Huerta, in the state of Sonora, Mexico.
On July 1, 2013, Minerales placed
the Luz del Cobre Copper Project, an open-pit, heap leach, copper
recovery operation into commercial production. The Company has
other prospects on its over eleven thousand-hectare concession at
various stages of exploration, and is potentially a gold producer
in the mid-term.
Red Tiger is listed on the TSX
Venture Exchange (symbol "RMN"). The number of shares outstanding
is 144,446,957.
Neither the 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.
Forward-Looking Information
This press release contains certain "forward-looking
information". All statements, other than statements of historical
fact, that address activities, events or developments that
Red Tiger believes, expects or
anticipates will or may occur in the future (including, without
limitation, statements relating to the Private Placement, the
recommencement of mining operations and the filing and clearing of
the PIFs with the TSX Venture Exchange) constitute forward-looking
information. This forward-looking information reflects the current
expectations or beliefs of Red Tiger
based on information currently available to Red Tiger as well as certain assumptions
including, without limitation, the assumption that Red Tiger will complete the Private Placement
and be granted TSX Venture Exchange approval in respect of the
private placement, and be able to recommence mining operations as
proposed. Forward-looking information is subject to a number of
significant risks and uncertainties and other factors that may
cause the actual results of Red
Tiger to differ materially from those discussed in the
forward-looking information, and even if such actual results are
realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on
Red Tiger. Factors that could cause
actual results or events to differ materially from current
expectations include, but are not limited to, TSX Venture Exchange
approval for the Private Placement not being obtained, unforeseen
difficulties in connection with the process for recommencing
production at Red Tiger's mine.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, Red Tiger disclaims
any intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise. Although Red Tiger
believes that the assumptions inherent in the forward-looking
information are reasonable, forward-looking information is not a
guarantee of future performance and accordingly undue reliance
should not be put on such information due to the inherent
uncertainty therein.
SOURCE Red Tiger Mining Inc.