Spokane, WA - July 1, 2014 - Goldrich Mining Company (OTCBB: GRMC) (the “Company”) is pleased to announce the closing of the second tranche of a private placement to purchase shares of its common stock and warrants. The private placement resulted in total gross proceeds to the Company of approximately $1,260,000 with $781,000 gross proceeds from the first tranche, closed June 9, 2014, and $479,000 gross proceeds from the second tranche. The proceeds of the private placement will be used primarily for ongoing development of Goldrich's Chandalar property in Alaska and general operating expense.
Pursuant to the private placement, the Company sold 22,909,001 total units at a price of $0.055 per unit with 14,208,637 units from the first tranche and 8,700,364 units from the second tranche. The units of the second tranche were sold on the same terms and conditions as the first tranche of the private placement.
Of the total issuance, officers and directors of the Company purchased 1,314,727 total units, contributing $72,310 of the total proceeds, of which $26,500 for 481,818 units was in the first tranche and $45,810 for 832,909 units was in the second tranche. Such units were purchased on the same terms and conditions as units purchased by other investors in the private placement.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. None of the common stock or warrants were registered under the Securities Act or any applicable securities laws of any state of the United States and may not be offered or sold absent such registration or an available exemption therefrom. The securities were issued to qualified investors pursuant to exemptions from such registration requirements. The warrants may not be exercised except pursuant to exemptions under the Securities Act and applicable securities laws of any state of the United States.