Business
Rupert Resources Announces a Non-Brokered Private Placement of up to $7.7m and the Conversion of the Convertible Debentures
TORONTO, ON / ACCESSWIRE / August 21, 2019 / Rupert Resources Ltd ("Rupert" or "the Co...
About this update from Rupert Resources Ltd.
[{"type":"text","content":"Rupert Resources Announces a Non-Brokered Private Placement of up to $7.7m and the Conversion of the Convertible DebenturesTORONTO, ON / ACCESSWIRE / August 21, 2019 / Rupert Resources Ltd (\"Rupert\" or \"the Company\") is pleased to announce that it intends to complete a non-brokered private placement of up to 9,000,000 common shares (\"Common Shares\") of the Company at a price of $0.85 per Common Share for gross proceeds of up to $7,650,000 (the \"Private Placement\") to fund exploration activities at Rupert’s properties in Northern Finland. Separately the Company announces that so far holders of approximately 93% of the Company’s 5.00% secured convertible debentures (the \"Convertible Debentures\"), equivalent to an outstanding aggregate principal amount of CAD$7,172,500 have now exercised their conversion right at a price of $0.85. This will result in the issuance by the Company of approximately 8,438,235 Common Shares. The outstanding Convertible Debentures will mature at 4:30 p.m. on September 6, 2019.James Withall, Chief Executive of Rupert Resources said \"The conversion of the convertible debenture significantly improves Rupert’s balance sheet, eliminating a perceived market overhang and demonstrates very strong shareholder confidence in management strategy and the prospectivity of the Central Lapland Greenstone Belt. The Company is well placed to continue its exploration programs both at the Pahtavaara mine site and across the regional landholding, to follow up on the Area 1 discoveries announced earlier this year and to drill test further targets that have since been identified.\"The Private Placement is subject to the approval of the TSX Venture Exchange. The securities issued in connection with the Private Placement will be subject to a four month hold period, in accordance with applicable securities laws.The Company intends to use the proceeds from the Private Placement for its continued exploration program of the Pahtavaara project and general corporate purposes.The Company may pay a commission or finder’s fee to eligible parties in connection with the Private Placement, subject to the approval of the TSX Venture Exchange and compliance with applicable securities laws.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in t...