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Rupert Resources Announces Closing of $13.1M Strategic Investment From Agnico Eagle Mines Limited
TORONTO--(BUSINESS WIRE)--Rupert Resources Ltd. (“Rupert” or “the Company”) announces the closing of the non-brokered private placement with Agnico Eagle Mines
About this update from Rupert Resources Ltd.
[{"type":"text","content":"TORONTO--(BUSINESS WIRE)--Rupert Resources Ltd. (“Rupert” or “the Company”) announces the closing of the non-brokered private placement with Agnico Eagle Mines Limited (“Agnico”), which was previously announced by the Company on February 10, 2020. As a result, Agnico now holds 9.9% of the issued and outstanding common shares of Rupert (\"Common Shares\") on a non-diluted basis, and warrants to acquire an additional 11,543,704 Common Shares, representing an aggregate of 16.1% of the issued and outstanding Common Shares on a partially-diluted basis. Agnico has acquired 15,391,605 units of the Company (the “Units”) at a subscription price of C$0.85 per Unit, for gross proceeds to Rupert of C$13,082,864. Each Unit is comprised of (i) one Common Share; and (ii) 0.75 of a non-transferrable, common share purchase warrant, which will entitle Agnico to purchase, for a period of three years from the date of issue, one Common Share for each whole warrant at an exercise price of C$1.00 per Common Share. The warrants provide that, beginning two years from the date of issue, if the price of the Common Shares on the TSX Venture Exchange exceeds C$1.25 per Common Share for at least 20 consecutive trading days, Rupert shall have the right to accelerate, by notice to Agnico, the expiry date of the warrants to 30 calendar days after the date of such notice (such that Agnico may either exercise all or a portion of the warrants in such 30 day period, or failing such exercise, any unexercised warrants would expire). Concurrently with the strategic investment, Agnico and Rupert have entered into an investor rights agreement. The proceeds will be used to further advance exploration of Rupert’s 100% owned Pahtavaara Project in Northern Finland. In accordance with applicable securities laws, the securities issued to Agnico are subject to a four month hold period, expiring on June 12, 2020. About Rupert Rupert is a Canadian based gold exploration and development company that is listed on the TSX Venture Exchange under the symbol “RUP”. The Company owns the Pahtavaara gold mine, mill, and exploration permits and concessions located in the Central Lapland Greenstone Belt in Northern Finland (“Pahtavaara”). Pahtavaara previously produced over 420koz of gold and 474koz remains in an inferred mineral resource (4.6 Mt at a grade of 3.2 g/t Au at a 1.5 g/t Au cu...