Business
Rua Gold Closes C$8 Million Brokered Offering and Announces Commencement of Trading on the TSX Venture Exchange
Highlights Closing the fully subscribed brokered offering for C$8 million of gross proceeds Conditional listing approval received from TSXV Listing Committee TS
About this update from Rua Gold Inc
[{"type":"text","content":" Highlights Closing the fully subscribed brokered offering for C$8 million of gross proceeds Conditional listing approval received from TSXV Listing Committee TSXV trading under \"RUA\" to commence on or about July 29, 2024, subject to satisfaction of customary conditions VANCOUVER, BC, July 25, 2024 /CNW/ - Rua Gold Inc. (CSE: RUA) (OTCQB: NZAUF) (WKN: A4010V) (\"RUA GOLD\" or the \"Company\") is pleased to announce that it has closed its previously announced \"best efforts\" public offering consisting of 44,445,000 common shares in the capital of the Company (each, a \"Common Share\") at a price of C$0.18 per Common Share for aggregate gross proceeds of C$8,000,100 (the \"Offering\"). The Company intends to use the net proceeds from the Offering for continuing the exploration program on its Reefton Project, and for general working capital and general corporate purposes. The Offering was completed pursuant to an agency agreement (the \"Agency Agreement\") between the Company and a syndicate of agents including Cormark Securities Inc., as lead agent and sole book-runner, Ventum Financial Corp. and Red Cloud Securities Inc. (collectively, the \"Agents\"). Pursuant to the Agency Agreement, the Company has granted the Agents an over-allotment option (the \"Over-Allotment Option\") exercisable, in whole or in part, in the sole discretion of the Agents, to sell up to an additional 6,666,750 Common Shares for up to 30 days following closing of the Offering, on the same terms and conditions as the Offering. Robert Eckford, CEO, commented: \"The TSXV listing eliminates barriers to certain institutional and overseas investors for RUA GOLD and marks an important point in the maturation of the Company. Since March 2024 when RUA GOLD began trading, we have uplisted the company in both Canada and the US, completed a fully subscribed offering under our shelf prospectus, and announced a formative transaction to consolidate the Reefton Goldfield, providing investors a project of world class scale and quality. All the foundations are now in place for RUA GOLD to achieve its aggressive growth plans. Drills are turning on our Murray Creek targets, and we look forward to delivering updates to the market in Q3.\" The Offering was completed pursuant to a prospectus supplement dated July 19, 2024 (the \"Prospectus Supplement\") to the Compan...