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, pursuant to the policies of the TSX Venture Exchange, due to the optionor being a non-arm’s length party to an officer of the Company.
About Rockridge Resources Ltd.
Rockridge Resources is a new publicly traded mineral exploration company focused on the acquisition, exploration and development of mineral resource properties in Canada, specifically copper and base metal projects. The Company's flagship project is the Knife Lake project located in Saskatchewan, which is ranked as the #3 mining jurisdiction in the world by the Fraser Institute. The project hosts the Knife Lake deposit, which is a VMS, near-surface copper-cobalt-gold-silver-zinc deposit open along strike and at depth. There is strong discovery potential in and around the deposit area as well as at regional targets on the 85,196-hectare property. Rockridge’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Rockridge Resources Ltd.
President and CEO
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Corporate Development and Communications
Rockridge Resources Ltd.
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Forward Looking Statements:
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.