BARBADOS, Nov. 24 /PRNewswire/ - Oxbridge Bank and Trust SCC ("Oxbridge"), located at Chelston Park, Collymore Rock, St. Michael, Barbados, announced that it has entered into a binding agreement to acquire 2,230,000 common shares of Richmont Mines Inc. ("Richmont") from a private investor, at a price of USD $3.50 per common share. Closing of the acquisition is subject to certain conditions and is expected to occur by November 27th 2009. Also, from May 8th to November 10th 2009, Oxbridge acquired 9,400 common shares on the Toronto Stock Exchange at a price of CAD$3.62 per common share and 71,454 common shares on the NYSE AMEX at prices ranging from USD$3.39 to 3.41 per common share for an aggregate price of CAD$290,236.03. Upon and subject to the closing of the acquisition from the private investor, Oxbridge, together with joint actors, will own and control 5,013,254 common shares and 75,000 options to purchase common shares of Richmont representing in the aggregate approximately 19.49% of the issued and outstanding shares (excluding shares underlying outstanding options) of Richmont.

In its previous early warning report, Oxbridge reported that it had acquired the common shares of Richmont for investment purposes only. The early warning report will now be updated to reflect certain changes to the investment intentions, objectives and strategy of Oxbridge.

SOURCE Oxbridge Bank and Trust SCC