Rodinia Minerals Closes First Tranche Of Private Placement Financing
April 19, 2010
Toronto, Ontario: Rodinia Minerals Inc. (“Rodinia” or the “Company”) (TSX-V: RM; OTCQX: RDNAF), is pleased to announced that it has completed the first tranche of its previously announced non-brokered private placement financing of common shares (the “Common Shares”) of the Company (See Press Release dated April 9, 2010) for gross proceeds in the amount of $1,500,000, through the issuance of 3,000,000 Common Shares at a price of $0.50 per Common Share. The Common Shares are subject to resale restrictions that expire on August 20, 2010.
Closing of the financing is subject to receipt of regulatory approval, including final TSX Venture approval. The Company has received conditional approval for up to $2,000,000 and anticipates closing the second tranche on or before May 17, 2010.
The Company intends to use the net proceeds to continue development of its key projects and for working capital purposes.
About Rodinia Minerals Inc.:
Rodinia Minerals Inc. is a Canadian mineral exploration company with a primary focus on lithium exploration and development in North and South America. The Company is positioned to capitalize on the expected increase in demand for lithium carbonate that is projected to result from the anticipated paradigm shift to mass adoption and use of key lithium applications like lithium-ion batteries as well as glass ceramics, greases, pharmaceuticals etc.
Rodinia is currently exploring its Clayton Valley project in Nevada, USA, which surrounds the only lithium-brine producer in North America, and its Diablillos project in Salta, Argentina.
Please visit the Company’s web site at www.rodiniaminerals.com or write us at firstname.lastname@example.org
For further information please contact
President & CEO
Tel: +1 (416) 861-5812
Vice President, Corporate Development
Tel: +1 (416) 309-2696
Except for statements of historical fact contained herein, the information in this press release constitutes “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include without limitation, statements regarding the impact of the proposed financing, the closing of the proposed financing upon acceptable terms to the Company, the potential of the Company’s projects; the potential results and timetable for further exploration with respect to the Clayton Valley project, timetable for further exploration, analysis and development; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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.