Business
Rupert Resources Closes $28.451 Million Private Placement and Appoints New Directors
TORONTO, April 1, 2025 /CNW/ - Rupert Resources Ltd. (TSX: RUP) ("Rupert Resources" or the "Company") is pleased to announce that it has closed the previously a
About this update from Rupert Resources Ltd.
[{"type":"text","content":" TORONTO, April 1, 2025 /CNW/ - Rupert Resources Ltd. (TSX: RUP) (\"Rupert Resources\" or the \"Company\") is pleased to announce that it has closed the previously announced private placement of 6,322,500 common shares in the capital of the Company (the \"Shares\") issued at a price of $4.50 per Share for gross proceeds of $28,451,250.00 (the \"Private Placement\") and wishes to provide an update on appointments to the Company's board of directors (the \"Board\"). In connection with the Private Placement and the recently completed bought-deal equity financing undertaken by the Company, Agnico Eagle Mines Limited (\"Agnico Eagle\") exercised its participation right to subscribe for 2,602,500 Shares, resulting in Agnico Eagle retaining approximately 14.0% interest in the Company on a non-diluted basis upon closing of the Private Placement. The issuance of the Shares to Agnico Eagle constitutes a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). This Private Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of any securities issued to, nor the consideration paid by, Agnico Eagle would exceed 25.0% of the Company's market capitalization. The Company did not file a material change report 21 days prior to closing the Private Placement, which the Company deemed reasonable in the circumstances in order to complete the Private Placement in a timely manner. The Company also announces that it has appointed Kim Hagberg and Joanna Pearson as Independent non-executive directors to the Board. Kim Hagberg was part of executive management team of Swedish telecom operator Tele2, as chief operations officer, from 2018 to 2025. Prior to this position, Kim worked in commercial areas holding various leading positions at the Swedish operators Telia and Tele2. Kim has been engaged in the telecom industry mainly in Sweden, but also in Canada, France and Switzerland and holds a Bachelors degree in Computer Science from the Mid Sweden University. Joanna Pearson has over 25 years' experience in financial reporting and risk management, operating in international jurisdictions. Joanna is also presently a non-executive...