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2007
2006
2005 |
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| | February 12, 2007
Rochester Closes $2.22 Million Private Placement
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| | Vancouver, Canada - Rochester Resources Ltd. (TSXV: RCT; OTCBB: RCTFF and Frankfurt: R5I):
Mr. Douglas Good, Chairman, is pleased to announce that the Company has closed both the $277,500 non-brokered private placement and a $1,942,500 brokered private placement (the "Private Placements") by issuing an aggregate of 1,200,000 units (the "Units") at a purchase price of $1.85 per Unit as previously announced on January 22, 2007. Each Unit consisted of one common share and one-half of one transferable common share purchase warrant exercisable into an additional common share for a period of one year, at an exercise price of $2.25 per share. The common shares and the warrants are subject to a four month hold period which expires on June 3, 2007 for the Units issued under the non-brokered private placement expires and on June 13, 2007 for the Units issued under the brokered private placement. Canaccord Capital Corporation acted as the agent under the brokered private placement and was paid a cash fee of $155,400 equal to 8% of the amount raised on the brokered portion and an administration fee of $10,000. No finders fees were payable on the non-brokered portion of the private placement which was subscribed to by three associated funds.
Rochester is a junior mining company with 100% ownership of a 7,358 hectare high-grade gold/silver concession in the State of Nayarit, Mexico. During 2006 the Company constructed a 200 tonnes/day conventional milling operation and related infrastructure and completed over 1,500 metres of mine development. By the end of 2006 approximately 17,000 tonnes of mineralized material had been stockpiled in preparation for the commencement of milling operations, which began in early January of 2007. The modular design of the mill allows for the efficient increase in mill capacity at minimal marginal cost to accommodate future increases in mining capacity.
ON BEHALF OF THE BOARD
"Douglas Good"
Douglas Good, Chairman
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. |
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| | You can view the Next News Releases item: Wed Feb 28, 2007, Rochester Commences Regular Shipments of Gold & Silver Production
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