VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- September 06, 2006 -- NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
ROMARCO MINERALS INC. (TSX VENTURE: R) (the "Company") Romarco is pleased to announce that it has closed the second and final tranche of its previously announced private placement (see press releases dated August 23, 28 and 30, 2006).
A total of 44,910,263 units have been issued in the two tranches for total gross proceeds of C$8,532,950. The terms of the private placement are C$0.19 per unit with each unit consisting of one full common share and one full common share purchase warrant. Each full warrant is exercisable at C$0.30 per share until August 28, 2008. If the shares of the Company trade at C$0.40 or higher for 20 consecutive days, the warrants will expire 30 days following notice to warrant holders. All of the securities will be subject to the customary four month hold period in Canada.
The proceeds of the private placement will be used to fund the exploration and development work on Romarco's Pinos Gold District in Mexico, drilling of Romarco's Nevada projects, and for general working capital purposes.
The private placement was led by M Partners Inc. of Toronto, Ontario who received a total commission of $483,458.50 and 2,544,518 broker's warrants. Zuri-Invest of Switzerland was also paid a finder's fee of $113,177 and 513,600 broker warrants. The broker warrants are exercisable at C$0.19 per share until August 28, 2008.
This press release is not an offer of securities for sale in the United States. The securities will not be registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration under the U.S. Securities Act.
ON BEHALF OF ROMARCO MINERALS INC.
Diane R. Garrett, President and C.E.O.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Contacts: Romarco Minerals Inc. Diane Garrett President and C.E.O. (830) 634-7489 email@example.com
Romarco Minerals Inc. Mr. Ralf Langner V.P. Finance (604) 688-9271 (604) 688-9274 (FAX) firstname.lastname@example.org www.romarco.com
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