MONTREAL, QUEBEC--(Marketwire - Sept. 26, 2012) - Richmont Mines Inc. (TSX:RIC)(NYSE Amex:RIC)(NYSE MKT:RIC) ("Richmont" or the "Corporation") announces the completion of a non-brokered private placement (the "Private Placement" or the "Offering") with four institutional funds. Further to the Offering, the Corporation issued 5.97 million common shares ("Common Shares") at CAN$4.35 per Common Share, for a total cash consideration of CAN$26.0 million.

Following the Offering, the Corporation's shares outstanding increased from 33.6 million to 39.6 million, its cash position is approximately CAN$60 million, and the Corporation has essentially no long-term debt.

Richmont paid a 4% finder's fee to an arm's length party in connection with a portion of the Private Placement. Net proceeds of the Offering will be used for working capital purposes and to fund its future growth.

Paul Carmel, President and CEO of Richmont commented: "We are pleased to be able to strengthen our already sound financial situation and to welcome several new high quality institutions to our registry with this Offering. We look forward to providing the market with updates of our extensive exploration and project advancement efforts as work progresses throughout the remainder of 2012 and into 2013."

All Common Shares issued under the Offering are subject to a hold period in Canada of four months from the closing date of the Offering in accordance with applicable Canadian securities laws, expiring on January 27, 2013.

This press release in not an offer or a solicitation of an offer of securities for sale in the United States. The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

In addition, certain directors and officers of Richmont subscribed to the Offering (the "Insider Participations"), for an amount of less than 2% of the total Offering. The Insider Participations are exempt from the valuation and minority shareholder approval requirements of Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions ("Regulation 61-101") by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of Regulation 61-101 based on that neither the fair market value of such Insider Participations nor the consideration paid by such persons exceeded 25% of the Corporation's market capitalization.