The Settlements primarily represent payments for consulting fees but also settle various other liabilities including directors' fees, a severance payment, and loan interest. Completion of the Settlements will allow Richmond to preserve its existing cash balances.
All Shares issued pursuant to the Settlements are subject to a statutory four-month hold period from the date hereof.
A total of 1,185,714 Shares, representing aggregate consideration of approximately
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the Settlements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Richmond believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Richmond disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
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