| June 17, 2009 Richfield Completes First Closing, Meets Davidson Property Conditions And Cancels Options | |
| June 17, 2009 -- Quesnel, British Columbia: Richfield Ventures Corp. ("Richfield" or the "Company") announced the first closing of its private placement in the amount of $455,361. The Company also reported the satisfaction of the conditions precedent under its option agreement on the Davidson Property, and the cancellation of incentive stock options. First Closing of Private Placement: On June 10, 2009, Richfield announced a private placement offering to raise gross proceeds of up to $750,000. In the first closing of the private placement, a total of $337,700. of "flow-through units" were issued at price of $0.17 unit and $117,661. of "common share units" were issued at price of $0.12 per unit. Insiders of the Company acquired approximately $153,321. of the amount raised in the first closing. Each of the FT Units consisted of one flow-through share and one-half non flow-through warrant. Each non flow-through share purchase warrant entitles the holder to purchase one common share in Richfield for a period of two years from closing at a price of $0.22 per share in the first year and $0.30 per share in the second year, subject to early expiry on the occurrence of a "trigger event". Each common share unit consisted of one common share and one share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share in Richfield for a period of two years from closing at a price of $0.17 per share in the first year and $0.25 per share in the second year, subject to early expiry on the occurrence of a "trigger event". A "trigger event" occurs when the volume-weighted trading price is greater than double the applicable warrant exercise price for a period of twenty consecutive trading days. The Company may give notice to the holders by way of a news release of the occurrence of a trigger event, in which case the warrants shall expire within thirty days of the date of dissemination of the news release. The proceeds of the private placement financing will be used by the Company for general working capital and to fund its summer drill program on the Blackwater Project. All of the securities issued in connection with the private placement are subject to four month hold periods that expire on October 16, 2009 Davidson Property Update On March 24, 2009, Richfield announced that it had acquired an option to earn up to a 75% interest in the Davidson Property, located approximately 100 kilometres southwest of Vanderhoof in central British Columbia, from Silver Quest Resources Ltd. Under the terms of the option, the Company was required to meet certain conditions precedent, including raising equity capital, which it has now fulfilled. Richfield plans to undertake a systematic diamond drilling program on the Davidson property this year. Cancellation of Options Pursuant to a board of directors resolution passed on June 5, 2009, all incentive stock options (representing a total of 508,000 options on a post-consolidation basis) issued prior to the share consolidation have been surrendered for cancellation. FOR FURTHER INFORMATION PLEASE CONTACT Peter Bernier, President & CEO Richfield Ventures Corp. Tel: (877) 992.6644 Email: pete@RichfieldVentures.ca Susanne Bonn, CFO Richfield Ventures Corp. Tel: (877) 992.6644 Email: susanne@RichfieldVentures.ca Certain statements in this press release may be considered forward-looking information, including those relating to the "expectations", "intentions" or "plans" of the Company. Such information involves known and unknown risks, uncertainties and other factors -- including the approvals of regulators or shareholders, availability of funds, the results of financing and exploration activities, the interpretation of drilling results and other geological data, project cost overruns or unanticipated costs and expenses and other risks identified by the Company in its public securities filings -- that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither 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. | |
