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Rockridge Resources Closes Oversubscribed Private Placement
VANCOUVER, British Columbia, March 19, 2019 (GLOBE NEWSWIRE) -- Rockridge Resources Ltd. (TSX-V: ROCK) (“Rockridge” or the “Company”) is pleased to announce it
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[{"type":"text","content":" VANCOUVER, British Columbia, March 19, 2019 (GLOBE NEWSWIRE) -- Rockridge Resources Ltd. (TSX-V: ROCK) (“Rockridge” or the “Company”) is pleased to announce it has closed an oversubscribed non-brokered private placement financing (the “Private Placement”) for total gross proceeds of $732,725. The Company has allotted and issued 2,093,500 units (the “Units”) at a price of $0.35 per Unit. Each Unit is comprised of one flow-through common share and one-half of one transferable warrant, with each whole warrant entitling the holder to purchase one non-flow through common share of the Company for a period of up to twenty-four months at a price of $0.50. In addition, the Company has paid finder’s fees totaling $8,942.50 and issued an aggregate 25,550 finder’s warrants (the “Finders Warrants”). Each Finders Warrant is exercisable into one common share for a period of up to twenty-four months at a price of $0.50. The Company intends to use the majority of the proceeds from the Private Placement towards exploring its Knife Lake Project, however a small portion will be allocated towards consultation and geological evaluation on its Raney Project. The Private Placement is subject to TSX Venture Exchange approval and all securities issued will be subject to a hold period expiring July 20, 2019. Raney Gold Project Update: In other Company news, further to Rockridge’s news releases dated March 27, 2018 and August 7, 2018 with regards to the Raney Gold Project in Ontario, the “Exclusion of Time”, a discretionary measure that was implemented by the Ministry of Northern Development and Mines in consultation with the previous claim owners to allow the necessary time needed for the performing and reporting of assessment work on the mineral claims as well as the necessary consultations with First Nations, has expired on February 22, 2019. The Company has used conversion credits allowable under the new rules in Ontario that keep the claims in good standing until 2022. Rockridge will continue to consult with the local First Nations and seek to obtain a work permit which would allow the Company to carry out a work program on the property in the future. The details of the exploration will be announced once the parties have come to a resolution. The option agreement between the Company and the optionor is a related party transaction, pursuan...