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RUBELLITE ENERGY INC. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED NON-BROKERED PRIVATE PLACEMENT OFFERING OF FLOW-THROUGH COMMON SHARES
RUBELLITE ENERGY INC. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED NON-BROKERED PRIVATE PLACEMENT OF...
About this update from Rubellite Energy Corp.
[{"type":"text","content":"\n \n \n \n RUBELLITE ENERGY INC. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED NON-BROKERED PRIVATE PLACEMENT OFFERING OF FLOW-THROUGH COMMON SHARES\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 28, 2023\n \n \n /CNW/ - (TSX: RBY) – Rubellite Energy Inc. (\"\n \n Rubellite\n \n \", or the \"\n \n Corporation\n \n \") is pleased to announce it has closed its previously announced non-brokered private placement offering of common shares (\"\n \n Flow-Through Shares\n \n \") issued on a \"flow through\" basis (the \"\n \n Offering\n \n \"). Pursuant to the Offering, the Corporation issued the maximum 7.0 million Flow-Through Shares at an issue price of\n \n $2.85\n \n per Flow-Through Share, for gross proceeds of approximately\n \n $20.0 million\n \n . Certain directors and officers of the Corporation participated in the Offering and subscribed for\n \n $13.3 million\n \n of Flow-Through Shares increasing the Corporation's insider ownership from 34.1% of the Corporation's outstanding common shares prior to the Offering to 37.8% after the Offering.\n \n \n The gross proceeds of the Offering will be used to incur eligible \"Canadian Development Expenses\" as such term is defined in the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) (the \"\n \n Qualifying Expenditures\n \n \") related to the Corporation's activities, primarily at Figure Lake, on or before\n \n December 31, 2023\n \n , and to renounce all the Qualifying Expenditures in favour of the subscribers of the Flow-Through Shares effective on or before\n \n December 31, 2023\n \n .\n \n \n The Flow-Through Shares were issued by way of private placement pursuant to applicable exemptions from prospectus requirements in each of the provinces of\n \n Canada\n \n and are subject to a four month statutory hold period. The Offering is subject to the final approval of the Toron...