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   | Fri Feb 9, 2007
Roca Closes $7 million Financing
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| | Vancouver, British Columbia: Roca Mines Inc. (ROK: TSX-V) ("Roca") announces that, it has closed the final tranche of the private placement announced December 21, 2006 for additional gross proceeds of $4.44 million upon the issuance of 3,171,429 units.
Each unit consists of one common share and one share purchase warrant with each warrant entitling the holder to acquire an additional common share until August 9, 2008 at a price of $2.25. All securities are subject to a hold period expiring on June 10, 2007. Finder's fee totalling $326,250 were paid and 18,750 warrants (with the same terms as the subscribers' warrants) were issued in connection with the second tranche.
Sprott Asset Management subscribed for a total of $4 million and Front Street Capital subscribed for $2 million of the $7 million financing. Proceeds from this financing will be used for the continuation of Roca's fast-track development plans of the Max Molybdenum Mine.
Roca plans to be the first new primary molybdenum producer in Canada, with production to commence in 2007. The permitted PHASE I mine plan for MAX will focus on the deposit's high-grade zone containing 280,000 measured and indicated tonnes grading 1.95% MoS2 (refer to T.N. Macauley's 43-101 compliant technical report dated September 2004 available via SEDAR). Molybdenum currently trades in the US$25.00/lb range and is a key alloy in the manufacture of stainless and specialty steel, including pipelines and other energy-related steel infrastructure.
ROCA MINES INC.
Scott Broughton, P.Eng. -- President & CEO
For further information contact:
Doug Fosbrooke
Investor Relations
Tel: 604-684-2900
Fax: 604-684-2902
Email: [email protected]
Web: www.rocamines.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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