Business
Rogue Corporate Update: Sales Continue as the Stone Quarries Ramp-Up, Private Placement Closing Extended
Since the COVID restart Rogue Stone has sold 3,340 tons of limestone from the Orillia and B...
About this update from Clean Energy Transition Inc.
[{"type":"text","content":"Rogue Corporate Update: Sales Continue as the Stone Quarries Ramp-Up, Private Placement Closing ExtendedSince the COVID restart Rogue Stone has sold 3,340 tons of limestone from the Orillia and Bobcaygeon quarriesThese sales have had a total product value of $300,400, averaging $90/tonThe second and final tranche of the Private Placement is now expected to close on or about August 10, 2020TORONTO, ON / ACCESSWIRE / July 10, 2020 / Rogue Resources Inc. (TSX-V:RRS) (\"Rogue\" or the \"Company\") is pleased to announce continued progress at Rogue Stone's Orillia and Bobcaygeon quarries since reopening from the COVID-19 shutdown in late April (see further details in Rogue's April 17 and April 27, 2020 news releases). Rogue Stone has been consistently selling Armour, Flag and Step, in Bulk and Skidded, to customers in Canada and the US, with the majority of production to the large buyers who signed the Intent to Purchase Agreements (\"Intent Agreements\") with Rogue in 2019 (see further details in the August 26 and September 3, 2019 press releases). Intent Agreement signatories (\"Preferred Partners\") have agreed to an annual purchase tonnage and now Rogue Stone is delivering against those commitments. Rogue's Intent Agreements with its Preferred Partners equal approximately 80% of the 44,000 tons total licensed annual production of the two quarries.Rogue Stone operations are a two (Bulk) or three step (Skidded) process. First, stone is extracted by layer, using the teeth of an excavator or the forks of a loader. The second step is for the stone to be roughly shaped and then either loaded in Bulk or, further shaped and piled on a skid (Skidded). Bulk product is loaded straight onto a flatbed trailer and Skidded product incorporates loading ~2-3 tons of stone onto a wooden pallet, which is then placed on a flatbed trailer.Sales terms for the limestone products are direct, with ownership transferring at the quarry once the stone has been loaded onto the delivery trucks. Logistics to the destination (including customs, if required) are handled by the buyers and payment terms vary from payment upon loading to a maximum of net seven days.\"We are pleased with our continuing ramp-up and the progress so far from our quarries. The teams are safely operating and beginning to hit their stride,\" said Sean Samson, President and CEO of Rogue. \...