FINANCING: Richmont tops up treasury

MONTREAL – Richmont Mines has raised $26.0 million via a non-brokered private placement. In return the company has issued 5.97 million common shares at a value of $4.35 each. The company says its cash position is now $60 million and it has essentially no long term debt.

The common shares issued under the offering are subject to a hold period in Canada of four months, expiring on January 27, 2013. The number of Richmont shares outstanding is now 39.6 million.

Richmont operates the Island gold mine near Wawa, ON, the Beaufor gold mine near Val d’Or, QC, and the Francoeur gold mine near Rouyn-Noranda, QC. Ore from the Beaufor and Francoeur mines is treated at the Camflo mill, also owned by Richmont.

Information about these mines and the company’s other projects is available at Richmont-Mines.com.