Rover Announces and Closes $0.03 Unit Financing
2024年5月16日 - 6:00AM
JCN Newswire
Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO)
("Rover" or the "Company") is pleased to announce a non-brokered
private placement financing for a minimum of $400,000 and a maximum
of $800,000. The Company will issue $0.03 units. Each unit is
priced at $0.03 and is comprised of one common share and one common
share purchase warrant (the "Units"). The warrants on the Units
have an exercise price of $0.05 per warrant share, with a life of
three years. Assuming the financing is fully subscribed, there will
be up to 26,666,667 common shares and 26,666,667 common share
purchase warrants issued in connection with this financing, plus
any finder's commission warrants.
Further to the above announcement, Rover has received orders for
$327,344 and has also received approval from the TSX Venture
Exchange (the "TSXV") to close the first tranche of the Unit
financing for gross proceeds of $$327,344 (the "First Closing").
The Company will issue of 10,911,467 common shares and 10,911,467
warrants. No finders' commissions will be paid connection with the
First Closing. The shares and warrants issued under the First
Closing will bear the minimum four-month regulatory hold period
from the date of issuance. The financing is being led by a lithium
investment portfolio managed by Gunnar Pedersen's family office.
Mr. Pedersen is a Director of the Company.
An updating release will be provided once the Company has completed
any future closings of the Unit financing, including receipt of
final acceptance from the TSXV for the financing.
Use of Proceeds
The proceeds from the First Closing will be used to finance ongoing
permitting and exploration work at the Company's Let's Go Lithium
project located in the Amargosa Valley of Nevada, USA.
Judson Culter, CEO at Rover, states: "Gunnar's commitment to
financing the permitting process for our Let's Go Lithium ("LGL")
project is huge for us. We have significantly reduced our burn rate
to allow us to focus our working capital on the continued NEPA
permitting process for the LGL project. Our last equity financing
was in the summer of 2023. As a Company, we are positioned to
ride-out this bear market in lithium exploration. Our valued
partners at the UES, Reno office, have been out in the field since
March of this year doing the work needed to move the LGL project to
the next level. Management is satisfied with the UES fieldwork to
date and feel confident that exploration drilling can be achieved
in the area, with less than five acres of planned disturbance."
Paddy Moylan, Rover's President comments: "What a great show of
support to start this raise. The smart money is seeing the
opportunity. We are set for the market turnaround. If anyone is
keen to look at us please contact us directly at
info@rovermetals.com."
Related Party Transaction
The private placement constitutes a "related party transaction" as
such term is defined under Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions
("MI 61-101") as an investment by a company beneficially controlled
by a director of the Company has participated in the financing,
acquiring aggregate of 10,000,000 Units for aggregate consideration
of $300,000. The Company has relied on exemptions from the formal
valuation and minority shareholder approval requirements of MI
61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101 in
respect of related party participation in the private placement as
the Company is not listed on a specified market and neither the
fair market value (as determined under MI 61-101) of the subject
matter of, nor the fair market value of the consideration for, the
transaction, insofar as it involved the related party, exceeded 25%
of the Company's market capitalization (as determined under MI
61-101). The private placement was approved by the board of
directors of the Company with the conflicted director
abstaining.
About Rover Critical Minerals
Rover is a publicly traded junior mining company that trades on the
TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the
FSE under symbol 4XO. The Company is focussed on the permitting and
exploration of the LGL project, a claystone lithium project in the
Amargosa Valley of Nevada, USA.
You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn:
https://www.linkedin.com/company/rover-critical-minerals/mycompany/?viewAsMember=true
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.rovercriticalminerals.com/
ON BEHALF OF THE BOARD OF DIRECTORS
"Judson Culter"
Chief Executive Officer and Director
For further information, please contact:
Email: info@rovermetals.comPhone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information
This 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, 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, 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.
SOURCE: Rover Critical Minerals Corp.
Copyright 2024 JCN Newswire . All rights reserved.