Business
Ramp Metals Announces Closing of Oversubscribed $4.9M Non-Brokered Private Placement Led by Strategic Investors Eric Sprott and EarthLabs
Vancouver, British Columbia--(Newsfile Corp. - August 12, 2024) - Ramp Metals Inc. (TSXV: RAMP) (...
About this update from Ramp Metals Inc
[{"type":"text","content":"Ramp Metals Announces Closing of Oversubscribed $4.9M Non-Brokered Private Placement Led by Strategic Investors Eric Sprott and EarthLabsVancouver, British Columbia--(Newsfile Corp. - August 12, 2024) - Ramp Metals Inc. (TSXV: RAMP) (\"Ramp Metals\" or the \"Company\") is pleased to announce that the Company has closed its previously announced non-brokered private placement financing (the \"Financing\") for total proceeds of $4,937,125.58. The Financing was led by Eric Sprott and EarthLabs.In the Financing, Ramp Metals issued and sold an aggregate of 4,090,546 charity flow-through common shares (the \"CFT Shares\") at a price of $0.78 per CFT Share, plus 3,175,454 common shares (the \"Common Shares\") at a price of $0.55 per Common Share. No finder's' fees were payable in connection with the Financing.\"We are pleased to complete this financing and have the financial resources to continue our next phase of drilling at the company's flagship Rottenstone SW property,\" said Jordan Black, CEO of Ramp Metals. \"We would like to thank everyone for their support, including strategic investors Eric Sprott and EarthLabs, who are both established and prominent Canadian mining investors.\"The Company plans to use the proceeds from the issuance of CFT Shares for exploration expenses at its Rottenstone SW property in Saskatchewan, Canada. The proceeds from the sale of the Common Shares will be used for both exploration expenses and general working capital. All securities issued in the Financing are subject to a hold period in Canada until December 10, 2024, in accordance with applicable securities laws.The CFT Shares will qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Tax Act\"). An amount equal to the gross proceeds from the issuance of the CFT Shares will be used to incur eligible resource exploration expenses which will qualify as (i) \"Canadian exploration expenses\" (as defined in the Tax Act), (ii) as \"flow-through mining expenditures\" (as defined in subsection 127(9) of the Tax Act), and (iii) as \"eligible flow-through mining expenditures\" within the meaning of The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan) (collectively, the \"Qualifying Expenditures\"). Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised fr...