|Wed Jun 23, 2004|
$2 million Financing Closes
Vancouver, British Columbia, June 23, 2004: Roca Mines Inc. (the "Company") announces the closing of the $2 million financing by way of Short Form Offering Document originally announced on May 31, 2004. 10 million units ("Units") have been issued, consisting of 10 million common shares and 5 million warrants ("Warrants"), each Warrant giving the holder the right to purchase one additional share at a price of $0.25 per share, until June 23, 2005.
Of the 10 million Units, 3,625,000 will be issued subject to a hold period expiring on October 24, 2004 and the balance of the Units will be free trading. The Company anticipates that the Warrants will be posted for trading on the TSX Venture Exchange under the symbol "ROK.WT" on June 24, 2004.
On closing, Canaccord Capital Corporation ("Canaccord") and its sub-agents received commissions of $160,000 and options to purchase 1 million Units at a price of $0.20 per Unit until June 23, 2005. Canaccord also received a cash administration fee of $7,500, and a corporate finance fee of $25,000 cash and 100,000 Units.
Proceeds from the offering will be used to finance exploration at the Company's Foremore Project and for general working capital. A field crew has now been mobilized to Foremore to conduct targeted prospecting, geophysics and diamond drilling. Foremore Project Manager W.A. (Sandy) Sears, a qualified person under NI 43-101, will supervise the field program and the preparation of all samples. Results will be announced as they are received.
ROCA MINES INC.
David J. Skerlec - Chief Financial Officer
For further information contact Scott Broughton, John Mirko or David Skerlec at:
Tel: 604-684-5900 (Broughton Ext. 114 / Mirko Ext. 110 / Skerlec Ext. 147)
Email: [email protected] / [email protected] / [email protected]
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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