Rocmec Announces Closing of Financings with Desjardins-Innovatech S.E.C. and the Solidarity Fund.POINTE-CLAIRE, Quebec Pointe-Claire is a municipality in southwestern Quebec, Canada; population 29,286 (Statistics Canada, 2001). Along with the other municipalities on the island of Montreal, it was merged with the city of Montreal on January 1, 2002 by the provincial government. -- Rocmec Mining inc. ("Rocmec") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:RMI (Remote Method Invocation) A standard from Sun for distributed objects written in Java. RMI is a remote procedure call (RPC), which allows Java objects (software components) stored in the network to be run remotely. ) is pleased to annouce the closing of financings with Desjardins-Innovatech S.E.C. and the Solidarity Fund totalling $700,000 as previously announced by way of a press release dated March 3rd, 2006. Subject to the approval of TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. , Rocmec announces that it has concluded agreements with qualified investors for the issuance of four $100,000 convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. . The terms and conditions of the proposed investment are resumed as follows: the issuance of debentures of $100,000 each, with an annual interest rate of 12%, payable quarterly, reimbursable re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. at maturity 36 months following their issuance. The debentures are redeemable at all times with a penalty equal to three months interest and are convertible into common shares at the will of the issuer, at the market price on the date of conversion subject to a minimum price of $0.22. The holders, subject with the approval of the lawful Licit; legally warranted or authorized. The terms lawful and legal differ in that the former contemplates the substance of law, whereas the latter alludes to the form of law. A lawful act is authorized, sanctioned, or not forbidden by law. authorities, may request that interest payments be paid in common shares. Subject to the approval of TSX Venture Exchange, the company also wishes to announce that it has acquired 6 mining claims from a prospector in exchange for 275,000 common shares. The claims are located in the Tiblemont township of Abitibi, Quebec, an area favourable for vein deposits and in close proximity to Rocmec's Denain and Vauquelin properties. Update of work activities at Russian Kid Management reports that drilling of pilot holes has begun on the M-1A work block on the 150' level. The drilling constitutes preparatory work for thermal fragmentation. Preparation of additional work blocks is underway, as well as sampling of a stockpile stock·pile n. A supply stored for future use, usually carefully accrued and maintained. tr.v. stock·piled, stock·pil·ing, stock·piles To accumulate and maintain a supply of for future use. of mineralised rock located on the 300' level and sampling of the veins accessible on the same level. Rocmec's growth strategy is to focus on the development of quality assets that will significantly enhance shareholder value. Exploitation of narrow high-grade precious metal veins with it's exclusive thermal fragmentation process coupled with conventional mining methods will lead the Company in becoming a mid-size gold producer. The acquisition, development and future exploitation activities at the recently acquired Russian Kid property are an excellent example of this strategy. Rocmec Mining Corporation Inc. is a Canadian junior exploration company actively involved in the acquisition, exploration and development of precious metal projects. The Company's exclusive thermal fragmentation process combined with its growth strategy place it as the partner of choice for the development of narrow high-grade precious metal quartz vein properties. The Company is listed on the TSX-Venture exchange and trades under the symbol: RMI The TSX Venture Exchange has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this release. Rocmec Mining Corporation Inc. (TSX VENTURE:RMI) |
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