| September 11, 2009 Richfield Closes Private Placement | |
| September 11, 2009 -- Quesnel, British Columbia: Richfield Ventures Corp. ("Richfield" or the "Company") announces that it has closed the private placement announced September 4, 2009. The Company raised gross proceeds of $867,300 through the issuance of 2,778,352 flow-through units and 3,291,498 common share units. Each flow-through unit (the "FT Unit") was issued at a price of $0.17 per FT Unit and 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 (the "Unit") was issued at a price of $0.12 per Unit and 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" will occur if 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. A total of 264,347 additional Units were issued to finders in lieu of cash payment in connection with the private placement. All of the securities issued in connection with the private placement are subject to four month hold periods that expire on January 11, 2010. The proceeds of the private placement will be used by the Company for general working capital and to further fund its drill program on the Blackwater Project. 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 The units have not been registered under the United States Securities Act of 1933, as amended (US Securities Act), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy such units in any jurisdiction in which such an offer or sale would be unlawful. 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. | |
