Richmond Minerals closes $250K private placement

News Release

Richmond Minerals Inc. Completes $249,600 Non-Brokered Private Placement

TORONTO, July 31, 2017 /CNW/ – Richmond Minerals Inc. (TSX-V: RMD) (“Richmond”) is pleased to announce that it has completed a non-brokered private placement financing for aggregate gross proceeds of $249,600 (the “Offering”), further to its announcement on June 27, 2017. The Offering consisted of the sale of 4,160,000 units (each, a “Unit”) at a price of $0.06 per Unit.

Each Unit consists of one (1) common share in the capital stock of Richmond that is a “flow-through share” (the “FT Share”) within the meaning of the Income Tax Act (Canada) (the “Act”) and one-half of a common share purchase warrant (the “Warrant”). Each whole Warrant will entitle the holder thereof to acquire one common share, which is not a “flow-through share” within the meaning of the Act, of Richmond at a price of $0.10 until a period of two (2) years following the closing date of the Offering, whereupon the Warrants will expire.

The securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period.

Richmond will ensure that the proceeds received from the amount allocated to the FT Shares comprising part of the Units sold will be used to incur expenses which qualify as Canadian Exploration Expenses and Flow-Through Mining Expenditures for purposes of the Act, and will renounce such expenses with an effective date of no later than December 31, 2017.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.

For further information: Warren Hawkins, P. Eng., Exploration Manager, E: warren@richmondminerals.com, Tel: 416-603-2114, Fax: 416-603-8436