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RUBELLITE ENERGY INC. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OFFERING OF FLOW-THROUGH COMMON SHARES
RUBELLITE ENERGY INC. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OFFERING OF FLOW-THROUGH COMMON SH...
About this update from Rubellite Energy Corp.
[{"type":"text","content":"\n \n \n \n RUBELLITE ENERGY INC. ANNOUNCES 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 13, 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 an insider led non-brokered private placement offering of common shares to be issued on a \"flow through\" basis pursuant to the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) (the \"\n \n Tax Act\n \n \") with respect to Canadian development expense (the \"\n \n Flow-Through Shares\n \n \"). The Corporation intends to issue up to 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 up to approximately\n \n $20.0 million\n \n (the \"\n \n Offering\n \n \"). Certain directors and officers of the Corporation are participating in the Offering and will subscribe for a minimum of approximately\n \n $8.0 million\n \n of Flow-Through Shares.\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 Tax Act (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 Completion of the Offering is subject to customary closing conditions, including the receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange. Closing of the Offering is expected to occur on or before\n \n March 28, 2023\n \n .\n \n \n The Flow-Through Shares will be offered by way of private placement pursuant to applicable exem...