Rover Announces Closing of $0.10 Unit Financing
June 24 2021 - 9:00AM
Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF)
(“
Rover” or the “
Company”)
further to its release of June 1, 2021, announcing its First
Closing, Rover is pleased to announce that is has raised a total of
$2,425,000.00 under its non-brokered $0.10 Unit Financing. A total
of 24,250,000 units have been issued in connection with this
financing. Each Unit is comprised of one common share and one
common share purchase warrant. Further to the June 1st First
Closing, the Company has raised $1,378,700.00 under this Second and
Final Closing (the “Second Units”). Each Second Unit is priced at
$0.10 and is comprised of one common share and one common share
purchase warrant. The Second Warrants have an exercise price of
$0.15 per warrant share, and a life of two years. The Company has
paid total cash finder’s fees of $103,602.10 and issued finder’s
warrants of 761,221 in connection with this financing. The finder’s
warrants bear the same terms as the warrants issued under this
financing. The Second Units will bear the minimum four-month
regulatory hold period from the date of issuance.
Use of ProceedsThe use of
proceeds of the $0.10 Unit Financing will be to finance exploration
and exploration drilling at the Company’s 100% owned Cabin Gold
Projects. Summer exploration is already underway at all three gold
properties: Cabin Gold, Slemon Gold, and Camp Gold.
About the Cabin Gold ProjectsOn
September 8, 2020, Rover kicked-off its first exploration drilling
program at the historic Cabin 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 is now drilling at the historic
Beaver Zone and Andrew South Zone, 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.
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 in the Northwest Territories of
Canada (60th parallel). 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=subscriberfor
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: Fern
TurnerEmail: fern@rovermetals.com Phone: +1(778)
754-2617
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.
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