Rodinia Minerals Announces Private Placement Financing
Toronto, Ontario, April 9, 2010: Rodinia Minerals Inc. (“Rodinia” or the “Company”) (TSX-V: RM; OTCQX: RDNAF), is pleased to announced that it intends to complete a non-brokered private placement financing of common shares of the Company (“Common Shares”) at a price of $0.50 per Common Share for gross proceeds of up to $2,000,000.
The Company intends to use the net proceeds to continue the development of its key projects and for working capital purposes. David Stein, President and CEO, stated “We expect that these funds will allow us to aggressively pursue development of Diablillos, and should allow us to advance our current program towards a National Instrument 43-101 resource estimate on the property”.
Rodinia is currently conducting a detailed auger drilling program on a 400 m by 400 m grid covering the entire Diablillos property package. The sampling program is targeting sub-surface aquifers believed to to contain high concentration of lithium based on previously completed sampling analysis , which averaged 858 mg/L (see press release March 1, 2010).
Rodinia also expects to use some of the funds to increase the size of its property holdings in Nevada, USA, based on the success of the recent drill program. The Company is in the process of submitting a Plan of Operations to the Bureau of Land Management in Nevada, with the intention of permitting 75 drill holes to allow the Company greater flexibility to define the sub-surface aquifer(s) on its properties.
The Company may pay finder's fees in connection with the financing.
The Common Shares will be subject to statutory resale restrictions. Closing of the financing is subject to receipt of regulatory approval, including final TSX Venture Exchange approval.
About Rodinia Minerals Inc.:
Rodinia Minerals Inc. is a Canadian mineral exploration company with a primary focus on lithium exploration and development in North and South America. The Company is positioned to capitalize on the expected increase in demand for lithium carbonate that is projected to result from the anticipated paradigm shift to mass adoption and use of key lithium applications like lithium-ion batteries as well as glass ceramics, greases, pharmaceuticals etc.
Rodinia is currently exploring its Clayton Valley project in Nevada, USA, which surrounds the only lithium-brine producer in North America, and its Diablillos project in Salta, Argentina.
Please visit the Company’s web site at www.rodiniaminerals.com or write us at firstname.lastname@example.org
|For further information please contact|
|President & CEO
||Vice President, Corporate Development|
|Tel: +1 (416) 861-5812
||Tel: +1 (416) 309-2696|
Except for statements of historical fact contained herein, the information in this press release constitutes “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include without limitation, statements regarding the impact of the proposed financing, the closing of the proposed financing upon acceptable terms to the Company, the potential of the Company’s projects; the potential results and timetable for further exploration with respect to the Clayton Valley project, timetable for further exploration, analysis and development; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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