Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF)
(“
Rover” or the “
Company”) is
pleased to announce a non-brokered unit financing (the “Units”) for
a minimum of $1,000,000 and a maximum of $2,500,000. Each Unit is
priced at $0.10 and is comprised of one common share and one common
share purchase warrant (the “$0.10 Unit Financing”). The warrants
have an exercise price of $0.15 per warrant share, and a life of
two years. Assuming the financing is fully subscribed, there will
be up to 25,000,000 common shares and 25,000,000 common share
purchase warrants issued in connection with this financing, plus
any finder’s commission warrants issued in connection with the
offering.
First Closing of the $0.10 Unit
FinancingFurther to this announcement of a financing,
Rover has now also closed the first tranche of the financing for
gross proceeds of $1,046,300 (the “First Units”), resulting in the
issuance of 10,463,000 common shares and 10,463,000 warrants. A
finders’ cash commission and finder’s warrants of $27,480.00 and
594,800 warrants, respectively, will be paid in connection with the
first closing. The finder’s warrants will have an exercise price of
$0.15 and a useful life of two years. The Units issued under the
first closing will bear the minimum four-month regulatory hold
period from the date of issuance.
Future closings of the $0.10 Unit Financing will
be subject to approval by the Toronto Venture Exchange (the
“TSXV”). An officer and director of the Company is selling an
aggregate of 657,000 common shares of the Company from their
personal holdings, for aggregate proceeds of approximately $72,270,
with such sale to occur on or about June 2, 2021. The
officer/director of the Company is expected to use the proceeds
generated from the sale of these shares to subscribe to a future
closing of the $0.10 Unit Financing.
Use of ProceedsThe use of
proceeds of the first closing will be to finance exploration and
exploration drilling at the Company’s 100% owned Cabin Lake Group
of Gold Projects. Summer exploration is planned for all three gold
properties, Cabin Lake, Slemon Lake, and Camp Lake, with airborne
geophysics (LiDAR) commencing next week at all three.
About the Cabin Lake Group of Gold
ProjectsOn September 8, 2020, Rover kicked-off its first
exploration drilling program at the historic Cabin Lake Gold
Project. The exploration program included both confirmation and
expansion drilling of historical high grade gold drill intercepts
in the Bugow “Cabin Lake Gold Zone.” Rover’s expansion drilling
included the discovery of what it believes to be a primary gold
bearing ore shoot at the Cabin Lake Gold Zone (see Figure 1 below).
As released on November 24, 2020, drill hole CL-20-08 intersected
32 meters of continuous gold averaging 13.6 grams per ton
Au. The significance of hole CL-20-08 is that economic
gold grades start at just 17.5 meters from surface, and the hole
has identified a northwest trend and plunge at depth, of the gold
mineralization in the ore shoot zone. Hole CL-20-08 also
intersected and confirmed historic holes DDH86-12 (15.77 g/t Au
over 8.02m) and DDH86-28 (11.74 g/t Au over 16.0m).
Figure 1 – Drill Plan View Featuring Ore
Shoot
Rover’s September 2020 drill program was the
initial step towards confirming and expanding the historic 100,000
tons at 0.30 Oz/ton Au* historic resource estimate, reported for
the Bugow Cabin Lake Gold Zone, towards a NI 43-101 compliant
mineral resource estimate. Historic drill intersects reported in
the Bugow Cabin Lake Gold Zone also include reported holes DDH
86-13 of 14.23 g/t Au over 6.1m; and DDH 86-10 with 10.84 g/t Au
over 10.0m. As released on May 6,
2021, the Company intends to target drilling at
new historic brownfields zones as part of its Phase Two Exploration
Program.
(*) As per Section 2.4 of NI 43-101, Aber
Resources Ltd. reported a mineral inventory (that does not compare
to the current CIM Definitions Standards mineral resource
categories) of 100,000 tons at 0.30 ounces per ton gold at the
Cabin Lake Gold Zone on the north limb of the folded Bugow Iron
Formation in their 1986 and 1987 annual reports. The parameters
used for the resource calculation are unknown. These results are
relevant as to delineate a larger zone of gold mineralization at
the Cabin Lake Gold Zone, but further drilling is needed to bring
that up to CIM Definition Standards. The reader is cautioned that a
Qualified Person has not done sufficient work to classify the
historical estimates as current mineral resources and Rover Metals
is not treating the historical estimates as current mineral
resources.
Technical information in this news release has
been approved by Raul Sanabria, M.Sc., P.Geo., Technical Advisor
and shareholder of Rover Metals Corp. and a Qualified Person for
the purposes of National Instrument 43-101.
Appointment of U.S.-Based RBMG to
Investor Relations TeamRover is pleased to announce, that
Effective June 1, 2021, RB Milestone Group LLC ("RBMG") will
provide corporate communications advisory, non-deal roadshow
advisory, market intelligence advisory, and business referrals to
the management team of the Company. RBMG has been engaged for a
term of 12 months. Cash fees will be paid based on the suite of
services as may be requested and provided to Rover. RBMG is at
arm's length to the Company.
Trevor Brucato, Managing Director of RBMG
stated: “My team and I look forward to working with Rover and
introducing their growing story to a wider audience within our
investment community throughout the U.S.”
About RBMGFounded in 2009, RBMG is a US-based
corporate communications firm that specializes in investor
relations advisory with offices in New York City and Stamford,
Connecticut. RBMG's US advisory practice delivers investor
relations programs tailor-made for emerging companies that are
private and publicly traded on the NYSE, NASDAQ, OTC, TSX, TSXV,
CSE, ASX and AIM. RBMG refines communications strategies, weighs
data, and advises clients on how to penetrate new markets. It helps
clients target and secure relationships with niche US stakeholders
and key industry strategics globally. Utilizing digital techniques,
artificial intelligence (AI) and machine learning, RBMG has
developed methods that improve traditional client IR initiatives to
maximize ROI. RBMG is not a registered investment advisor or
broker-dealer. www.rbmilestone.com
Judson Culter, CEO at Rover, states “RBMG is a
good compliment to our existing investor relations relationship
with Momentum PR (“Momentum”). Momentum will also continue to work
with Rover and its Canadian-based investors, for another six-month
renewal period.”
About Rover MetalsRover is a
precious metals exploration company specialized in North American
precious metal resources, that is currently advancing the gold
potential of its existing projects. The Company has
recently re-branded, and has a new corporate logo, and has updated
the look and feel of its website, and corporate
documents.
You can follow Rover on its social media
channels:Twitter: https://twitter.com/rovermetalsLinkedIn:
https://www.linkedin.com/company/rover-metals/Facebook:
https://www.facebook.com/RoverMetals/for daily company updates and
industry news, and
YouTube:
https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber for
corporate videos.Website: https://www.rovermetals.com/
ON BEHALF OF THE BOARD OF
DIRECTORS “Judson Culter” Chief Executive Officer and
Director For further information, please contact: Email:
info@rovermetals.comPhone: (604) 449-5347
Statement Regarding Forward-Looking
InformationThis news release contains statements that
constitute "forward-looking statements." Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause Rover's actual results, performance or
achievements, or developments in the industry to differ materially
from the anticipated results, performance or achievements expressed
or implied by such forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects,"
"plans," "anticipates," "believes," "intends," "estimates,"
"projects," "potential" and similar expressions, or that events or
conditions "will," "would," "may," "could" or "should" occur. There
can be no assurance that such statements be prove to be accurate.
Actual results and future events could differ materially from those
anticipated in such statements, and readers are cautioned not to
place undue reliance on these forward-looking statements. Any
factor could cause actual results to differ materially from Rover’s
expectations. Rover undertakes no obligation to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION
CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE
COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS
SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE
IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON
THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT
TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY
PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF
THIS RELEASE.
Rover Critical Minerals (TSXV:ROVR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Rover Critical Minerals (TSXV:ROVR)
Historical Stock Chart
From Jul 2023 to Jul 2024