|
 |
|
|
|
 |
 |
|
|
2007
2006
2005 |
  |
| | May 18, 2007
Rochester Closes 700,000 Unit Private Placement at $2.50 Per Unit
|
| | Vancouver, Canada - Rochester Resources Ltd. (TSXV: RCT; OTCBB: RCTFF and Frankfurt: R5I):
The board of directors is pleased to advise that it has closed the 700,000 unit (the "Units") non-brokered private placement announced on May 3, 2007 at a purchase price of $2.50 per Unit with three non-associated funds managed by Burlingame Asset Management, LLC based in San Francisco, CA. Each Unit consists of one common share and one transferable common share purchase warrant exercisable into an additional common share at an exercise price of $2.75 per share for a period of 18 months following closing. The common shares and the warrants are subject to a four month hold period expiring September 18, 2007. No finders fees were paid on the transaction.
In addition to this private placement, earlier this month the three Burlingame funds exercised 1,036,900 warrants at an exercise price of $1.15 per common share. They now collectively own 17% of the outstanding shares of the Company and 1,075,000 warrants which, upon exercise, would increase their combined share position to 19.8%.
Rochester represents a pure-play into the exploration and development of gold and silver properties located in Mexico. Its 100% owned Mina Real Mine located in the state of Nayarit, Mexico, is currently awaiting final approvals of certain completed and proposed modifications to the milling process and management expects to recommence commissioning of milling operations in the next few days.
Key operating personnel are highly skilled and credentialed Mexican citizens with the ability to identify and negotiate the acquisition of other advanced exploration and development properties in the region. In March 2007 the Company obtained a 70% interest in the Santa Fe gold-silver property located immediately east of its 7200 hectare Mina Real Property. The Santa Fe property covers approximately 3800 hectares, and previous work has identified ten zones of epithermal veining and mineralization on the property. The Santa Fe property is within trucking distance of the Mina Real Mill and has the potential to provide additional mill feed to support a material increase in capacity or possibly the development of a second mill in the area.
Operating management has strong support from an active board of consulting directors with extensive experience in mining, milling and exploration.
ON BEHALF OF THE BOARD
"Alfredo P. Davila"
Alfredo P. Davila, President & CEO
Investor information contact:
Empire Communications Inc.
Tel: 1-866-841-0068
Website: www.rochesterresourcesltd.com
Forward Looking Statements
This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. |
| |
| | You can view the Next News Releases item: Thu May 24, 2007, Rochester's Mina Real Mill Resumes Production
You can view the Previous News Releases item: Thu May 3, 2007, Rochester Announces $2.94 Million Capital Raise
You can return to the main News Releases page, or press the Back button on your browser.
|
|
|
|
|
|
|
