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2008
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| | October 25, 2007
Rochester Closes $4 Million Private Placement
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| | Vancouver, Canada - Rochester Resources Ltd. (TSXV: RCT; OTCBB: RCTFF and Frankfurt: R5I):
Mr. Nick DeMare, Chairman, is pleased to announce that Rochester Resources Ltd. (the "Company") has closed both a $100,000 non-brokered private placement and a $3,900,000 brokered private placement (the "Private Placements") by issuing an aggregate of 2,000,000 units (the "Units") at a purchase price of $2.00 per Unit, an increased amount from what was announced in the Company's press release dated October 4, 2007. Each Unit consists of one common share and one-half of one transferable common share purchase warrant exercisable into an additional common share for a period of 18 months from the closing of the Private Placements (the "Closing") at an exercise price of $2.25 per share.
Canaccord Capital Corporation ("Canaccord") acted as the agent under the brokered private placement and was paid a commission equal to 7.5% of the amount raised on the brokered portion in a combination of cash and units (the "Agent's Units). Each Agent's Unit consists of one common share and one-half of one non-transferable common share purchase warrant exercisable into an additional common share for a period of 18 months from the Closing at an exercise price of $2.25. Canaccord also received non-transferable common share purchase warrants equal to 7.5% of the Units sold under the brokered private placement, each warrant exercisable into an additional common share for a period of 18 months from the Closing at an exercise price of $2.00, and a corporate finance fee consisting of 125,000 common shares. No finders fees were payable on the non-brokered portion of the private placement.
All of the common shares and the warrants issued to the purchasers and Canaccord are subject to a four month hold period which expires on February 26, 2008.
ON BEHALF OF THE BOARD
"Nick DeMare"
Nick DeMare, Chairman Investor information contact:
Empire Communications Inc.
Tel: 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: Mon Oct 29, 2007, Rochester Provides Update on Exploration and Development Activites
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