Rochester Announces Closing of Private Placement
TSX Venture: RCT Frankfurt: R5I
Suite 1305-1090 W. Georgia St., Vancouver, BC, V6E 3V7 Phone: 604.685.9316 Fax: 604.683.1585
NEWS RELEASE
ROCHESTER ANNOUNCES CLOSING OF PRIVATE PLACEMENT
Vancouver, British Columbia – September 30, 2015 - Rochester Resources Ltd. (TSXV: RCT and Frankfurt: R5I): (the "Company") is pleased to report that it has completed the non-brokered private placement previously announced on September 10, 2015. The Company issued 1,700,000 units (each, a “Unit”), at $0.03 per Unit, for gross proceeds of $51,000. Each Unit comprised one common share (a “Share”) and one share purchase warrant (a “Warrant”), with each Warrant entitling the holder to purchase an additional common share (a “Warrant Share”), at $0.05 per Warrant Share, until September 29, 2018. The above Shares, Warrants and any Warrant Shares issued are subject to a four month hold period expiring January 30, 2016. Proceeds of the financing will be used for working capital.
In addition, the Company reports that pursuant to this transaction, Mr. Eduardo Luna, the President and CEO of the Company, acquired 795,000 Units.
Subsequent to the above acquisition, together with the shares and stock options Mr. Luna previously held, Mr. Luna now owns or controls, in aggregate, 3,987,636 common shares of the Company, representing 19.99% of the current issued and outstanding shares of the Company, warrants to purchase an additional 795,000 common shares and stock options to purchase an additional 150,000 common shares. Assuming the exercise of the Warrants acquired by Mr. Luna under this private placement only, and the exercise of stock options held by Mr. Luna, Mr. Luna would own or control 4,932,636 common shares, representing 23.61% on a partially diluted basis. Mr. Luna has acquired the Units for investment purposes and may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
This press release is a joint press release of the Company and Mr. Luna.
ON BEHALF OF THE BOARD
"Nick DeMare"
Nick DeMare Chairman
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.