Rover Metals Announces Second Closing of $0.05 Unit Financing
April 26 2022 - 1:35PM
Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF)
(FSE:4XO) (“
Rover” or the
“
Company”) further to its release of March 21,
2022, the Company is pleased to announce the second closing of its
$0.05 Unit Financing for gross proceeds of $467,500.00 (“the Second
Closing”).
$0.05 Unit FinancingThe Second
Closing of $467,500.00 is comprised of the sale of $0.05 units in
the amount of $412,500.00 and the sale of $0.055 flow-through
shares in the amount of $55,000.00. The Company has issued
8,250,000 common shares and 4,125,000 common share purchase
warrants as a result of the sale of $0.05 units. The warrants have
an exercise price of $0.075 and a useful life of three years. The
Company has also issued 1,000,000 common shares from the sale of
flow-through common shares. Finders’ commissions are being paid in
connection with the Second Closing in the amount of cash
commissions of $13,125.00 and finders’ warrants of 255,500. The
finder’s warrants will have an exercise price of $0.075 and a
useful life of three years. The common shares and warrants issued
under the Second Closing will bear the minimum four-month
regulatory hold period from the date of issuance.
Use of ProceedsThe use of
proceeds from the Second Closing will be to finance Phase 3
Exploration at the Company’s 100% owned Cabin Gold Project. The
Company now has plans to expand its Phase 3 Exploration Program to
include:
- Metallurgical
testing of its drill core to determine potential recovery rates
from the Fortune Minerals’ NICO test pilot processing facility,
which will be located 40km northwest of the Cabin Gold
Project.
- Re-sampling of
the holes drilled at the Beaver Zone in 2021, using the metallic
screen fire assay method. The metallic fire assay method is
effective when sampling to determine coarse and fine gold.
Appointment of AdvisorsGary
MacDonald has been appointed to the Company’s Advisory Board and
will assist the Company with corporate development. Mr. MacDonald
has more than 30 years of natural resource experience with an
extensive background in mining. Mr. MacDonald currently serves on
the board of several public and private companies and has operated
projects internationally. Mr. MacDonald's roles and involvement
have been all-encompassing from field to boardroom consisting of
initial assessment and diligence, financing, exploration through to
development, operations, production, management, and negotiating
asset /company buyouts. Mr. MacDonald will receive a grant of
400,000 incentive stock options from the Company’s rolling 10%
stock option plan. The options have an exercise price of $0.06 and
a life of four years.
Judson Culter, CEO at Rover, states “we are very
fortunate to have such a well esteemed individual joining our team.
Mr. MacDonald's strong technical and capital markets background
coupled with his extensive mining knowledge will be a major asset
and benefit to Rover. Mr. MacDonald’s experience working in Nevada
will bring added value to our development plans for the Tobin Gold
Project, located in the Battle Mountain district of Nevada. Rover
plans to launch a Phase 1 Exploration Program at the Tobin Gold
Project later this year.”
The Company has also engaged marketing
consultants in Switzerland to assist Rover with entering the Swiss
market and reaching Swiss junior mining gold investors. Pursuant to
these consulting agreements, the Company has granted 400,000
incentive stock options from the Company’s rolling 10% stock option
plan. The options have an exercise price of $0.06 and a life of
four years.
About Rover MetalsRover is a
precious metals exploration company specialized in North American
(Canada and U.S.) precious metal resources, which is currently
advancing the gold potential of its existing projects in the
Northwest Territories of Canada (60th parallel). The Company owns
five gold projects. Phase 3 Exploration at its Cabin Gold Project,
60th Parallel, NT, Canada, commenced in March 2022 and continues
through to the date hereof.
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, andYouTube:
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: Email:
info@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 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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