VANCOUVER, July 14, 2016 /CNW/
- Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF,
SSE-V: RDCL) is pleased to announce that it has closed a
private placement for gross proceeds of $9,223,638, consisting of 13,176,626 common
shares (the "Shares") at a price of $0.70 per Share (the "Financing").
Proceeds will be used for exploration drilling of the Santa Rosa
Gold Project. The Shares are subject to a four month hold
period from the date of issuance.
About Red Eagle Mining
Red Eagle Mining is a well-financed gold
exploration and development corporation with an experienced mine
development team. Management is focused on building
shareholder value through discovering and developing gold projects
with low costs and low technical risks in Colombia, a jurisdiction with prolific
historic production but until recently limited modern
exploration. Red Eagle Mining owns 71% of the Vetas Gold
Project and 100% of the Santa Rosa Gold Project, where construction
is underway at the fully permitted and fully financed San Ramon
Gold Mine with production expected to commence in the second half
of 2016.
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. This news release
includes forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements
of historical fact, are to be considered forward looking.
Although the Company believes the expectations expressed in
such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove
accurate and, therefore, readers are advised to rely on their own
evaluation of such uncertainties. We do not assume any
obligation to update any forward-looking statements. This news
release does not constitute an offer to sell or a solicitation of
an offer to sell any securities in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Red Eagle Mining Corporation