Rodinia Graduates to Tier 2 and Completes $1,300,000 Financing
March 9, 2005
Vancouver, British Columbia …. Rodinia Minerals Inc. (the “Company”) is pleased to announce that, further to its graduation to Tier 2 of the TSX Venture Exchange on February 25, 2005, the Company has completed its previously announced brokered private placement. The Company has received gross proceeds of $1,300,000 on the private placement of 2,000,000 units at a price of $0.65 per unit through Haywood Securities Inc. as Agent. Each unit (a “Unit”) consists of one common share of the Company and one-half transferable common share purchase warrant, each full warrant entitling the purchase of one common share of the Company at a price of $0.80 per share in the first year and $0.90 per share in the second year.
The Company paid a 7.5% fee by issuing 150,000 shares and non-transferable warrants to purchase up to 75,000 shares on the same terms as for the warrants included in the Units, and granted a non-transferable option to purchase up to 200,000 Units at a price of $0.65 per Unit. The Company also paid a corporate finance fee of 30,000 Units.
Funds from the placement will be used to accelerate the exploration program on the Workman Creek deposit, commence exploration on other recently staked properties in Gila County, Arizona, and for general working capital purposes.
In accordance with applicable securities laws, all securities issued in connection with the private placement are subject to a hold period expiring July 3, 2005.
The Company is also pleased to announce that, while the transaction cannot close until the Company graduates to Tier 1 on the TSX Venture Exchange, the TSX Venture Exchange has accepted for filing the previously announced transaction with Cooper Minerals Inc. in respect of the Workman Creek Uranium Project.
ON BEHALF OF THE BOARD
Rodinia Minerals Inc.
(sgd.) “Donald Morrison”, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. In addition, this release is not for distribution to U.S. newswire services or for dissemination in the United States.