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TORONTO,
ON, July 15, 2024 /CNW/ - Rupert
Resources Ltd. (TSX: RUP) ("Rupert" or the
"Company") is pleased to announce that it has entered into
an agreement with Cormark Securities Inc. and BMO Capital Markets
as co-lead underwriters on behalf of a syndicate of underwriters
(collectively the "Underwriters"), pursuant to which the
Underwriters have agreed to purchase on a bought deal basis
5,586,600 common shares of the Company (the "Shares") at a
price of C$3.58 per Share (the
"Offering Price"), representing total gross proceeds of
approximately C$20 million (the
"Offering"). The Company has also granted the Underwriters
an option (the "Over-Allotment Option"), exercisable at the
Offering Price for a period of 30 days from and including the
closing of the Offering, to purchase up to an additional 15% of the
Offering to cover over-allotments, if any, on the same terms as the
Offering. Closing is expected on or about August 1, 2024 (the "Closing Date"), and
is subject to regulatory approval including that of the Toronto
Stock Exchange.
The Company is also pleased to announce that it will offer in a
concurrent private placement approximately 2,600,000 Common Shares
at the Offering Price on substantially the same terms as the
Offering (the "Private Placement").
The net proceeds of the Offering and the Private Placement will
be used for on-going exploration expenditures, technical and
environmental studies on the Company's properties in Finland and for general corporate purposes as
will be set out in the short form prospectus.
The Shares to be issued under the Offering will be offered by
way of a short form prospectus in British
Columbia, Alberta,
Ontario and Newfoundland, pursuant to National Instrument
44-101 – Short Form Prospectus Distributions and in
the United States on a private
placement basis pursuant to an exemption from the registration
requirements of the United States Securities Act of 1933, as
amended, and such other jurisdictions as may be agreed upon by the
Company and the Underwriters, in each case in accordance with all
applicable laws and provided that no prospectus, registration
statement or similar document is required to be filed in such
jurisdiction.
This press release is not an offer or a solicitation of an
offer of securities for sale in the United States. The Shares
have not been and will not be registered under the U.S. Securities
Act of 1933, as amended, and may not be offered or sold in
the United States absent
registration or an applicable exemption from registration.
About Rupert
Rupert Resources is a gold exploration and development company
listed on the Toronto Stock Exchange under the symbol "RUP". The
Company is focused on making and advancing discoveries of scale and
quality with high margin and low environmental impact potential.
The Company's principal focus is Ikkari, a new high quality gold
discovery in Northern Finland.
Ikkari is part of the Company's "Rupert Lapland Project" which also
includes the Pahtavaara gold mine, mill, and exploration
permits.
Rupert Resources Ltd
82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1
Tel: +1 416-304-9004
Web: http://rupertresources.com/
Cautionary Note Regarding Forward Looking
Statements
This press release contains statements which, other than
statements of historical fact constitute "forward-looking
statements" within the meaning of applicable securities laws,
including statements with respect to: closing of the Offering, Use
of Proceeds of the Offering and regulatory approval. The
words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar
expressions, as they relate to the Company, are intended to
identify such forward-looking statements. This press release
contains forward-looking information in a number of places such as
in statements relating to the use of process; and the closing of
the Offering and the concurrent private placement including timing;
the ability to obtain necessary regulatory approvals, including the
Toronto Stock Exchange. Investors are cautioned that
forward-looking statements are based on the opinions, assumptions
and estimates of management considered reasonable at the date the
statements are made, and are inherently subject to a variety of
risks and uncertainties and other known and unknown factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. These factors
include the general risks of the mining industry, as well as those
risk factors discussed or referred to in the Company's
annual Management's Discussion and Analysis for the year ended
February 29, 2024. Should
one or more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that such information will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. The Company does not intend,
and does not assume any obligation, to update these forward-looking
statements except as otherwise required by applicable law.
SOURCE Rupert Resources Ltd.