November 4, 2010 - Rockhaven Resources Ltd.
(TSX-V:RK) (“Rockhaven”) announces that it has arranged a non-brokered private placement of up to $5,000,000 through the sale of up to 7,142,857 units at a price of $0.70 per unit (the “Units”). Each Unit will consist of one common share and one-half (1/2) of a non-transferrable share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $1.00 for a period of 2 years from closing. If the closing price of Rockhaven’s shares is $1.25 or greater for a period of ten (10) consecutive trading days subsequent to the expiry of the applicable hold period, Rockhaven may give notice of an earlier expiry of the warrants, in which case the warrants will expire thirty (30) calendar days from the giving of such notice.
The Company has agreed to allocate a portion of the placement to subscribers identified by Axemen Resource Capital Ltd. an exempt market dealer, and by other exempt market or investment dealers (individually, a “Finder”). The Company will pay a finder’s fee to the Finders equal to 6% of the gross proceeds raised, payable in cash or units (the “Finders’ Units) at the option of the Finder. The terms and conditions applicable to the Finders’ Units will be the same as those applicable to the Units. The Finders will also receive non-transferable common share purchase warrants (“Finder’s Warrants”) equal to 6% of the number of Units sold under this placement. Each Finder’s Warrant will entitle the Finder to purchase an additional common share of the Company at a price of $0.70 for eighteen months from the closing date.
Closing of the private placement is anticipated to occur on or before November 30, 2010 and is subject to TSX Venture Exchange acceptance. Securities issued under the private placement will be subject to a hold period which will expire 4 months and one day from the date of closing.
Rockhaven Resources Ltd. is a strongly managed Canadian mineral exploration company focused on growth through the acquisition of advanced stage projects. For additional information concerning Rockhaven Resources Ltd. or its various exploration projects please visit the Company’s website atwww.rockhavenresources.com
Matthew Turner, CEO
Rockhaven Resources Ltd.
NEITHER THE 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.CAUTIONARY NOTE:
This news release includes certain “forward-looking statements”. Other than statements of historical fact, all statements included in this release, including, without limitation, statements regarding future plans and objectives of Rockhaven are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by Rockhaven are those risks described herein and from time to time, in the filings made by Rockhaven with Canadian securities regulators. Those filings can be found on the Internet athttp://www.sedar.com
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