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RUBELLITE ENERGY INC. ANNOUNCES CLEARWATER LAND PURCHASES AND $25.6 MILLION IN EQUITY FINANCINGS
RUBELLITE ENERGY INC. ANNOUNCES CLEARWATER LAND PURCHASES AND $25.6 MILLION IN EQUITY FIN...
About this update from Rubellite Energy Corp.
[{"type":"text","content":"\n \n \n \n RUBELLITE ENERGY INC. ANNOUNCES CLEARWATER LAND PURCHASES AND $25.6 MILLION IN EQUITY FINANCINGS\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n March 10, 2022\n \n \n /CNW/ - (TSX: RBY) – Rubellite Energy Inc. (\"Rubellite\", or the \"Company\") is pleased to announce that it has entered into a bought deal financing with a syndicate of underwriters led by Peters & Co. Limited (the \"Underwriters\"), pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought-deal basis, 4.8 million common shares (\"Common Shares\") of Rubellite at a price of\n \n $3.55\n \n per Common Share for gross proceeds of approximately\n \n $17 million\n \n (the \"Offering\"). The Underwriters will have an option to purchase up to an additional 15% of the Common Shares issued under the Offering at a price of\n \n $3.55\n \n per Common Share to cover over-allotments and for market stabilization purposes exercisable in whole or in part at any time until 30 days after closing of the Offering.\n \n \n \n \n \n \n \n \n \n In conjunction with the Offering, certain officers, directors and employees of Rubellite and their associates intend to purchase, on a non-brokered private placement basis, a minimum of 2.4 million Common Shares at a price of\n \n $3.55\n \n per Common Share for gross proceeds of approximately\n \n $8.5 million\n \n (the \"Private Placement\").\n \n \n In the first quarter of 2022, Rubellite has invested approximately\n \n $11 million\n \n to acquire crown land prospective for the\n \n Clearwater\n \n formation. In addition, as previously announced, Rubellite signed a letter of intent to pursue a farm-in and option agreement in the Peavine area, in the vicinity of recent industry\n \n Clearwater\n \n drilling and southwest of Rubellite's existing option acreage at\n \n West Dawson\n \...