Rogue Resources Inc. (TSX- V:RRS) is pleased to announce that, subject to regulatory approval, it has closed the second tranche of its previously announced non-brokered private placement. The third and final tranche of the Offering is scheduled to close on or about October 2, 2015.
In the second tranche the Company issued 2,830,000 Non-Flow Through Units and 5,275,666 Flow Through Shares for gross proceeds of $1,074,350. Including the first tranche, a total of 9,080,000 NFT Units and 5,275,666 FT Shares have been issued, for gross proceeds to date of $1,699,350. The shares in tranche two forming part of the Units are subject to a 4 month hold period expiring January 25, 2016. Finder’s fees in the amount of $66,944.50 and 480,116 compensation warrants are payable on this tranche.
“We appreciate the confidence being demonstrated by our new and existing shareholders as the Company continues to advance its silica project 90 kilometers northeast of Quebec City,” commented Company President and CEO, John de Jong. “The proceeds raised from the sale of the FT Shares will be used by the Company to finance qualified Canadian exploration expenditures at the Company’s Lac de la Grosse Femelle Silica Project. The net proceeds raised from the sale of the NFT Units will be used for surface exploration at the Femelle Silica Project and for general corporate purposes.”
The Offering consists of NFT Units at a price of $0.10 and FT Shares at a price of $0.15, for aggregate gross proceeds of up to $2,500,000. Each Unit consists of one common share and one non-transferable common share purchase warrant. Each warrant forming part of the Unit will entitle the holder to purchase one common share at an exercise price of $0.12 for 24 months. Each FT Share consists of one common share and no warrant. Further details of the Offering can be found in the Company’s September 9, 2015 news release.
About Rogue Resources Inc.
With its diverse portfolio of properties, all in good standing, the Company has the ability to focus its efforts and finances on the project that demonstrates the greatest market potential for return. The recent investment of $382 M by the Quebec provincial government in Grupo FerroAtlantica, one of the world’s largest silicon metal producers, to build a silicon metal plant located near our silica property is a great foundational point to launch this silica rich quartzite property. The extension by Quebec Hydro of power to within 4 kilometers of the silica project in the next year has the potential to significantly reduce operational costs should the Company go into production.
The Femelle Project is located approximately 42 km north of Baie-Saint Paul, situated on the St. Lawrence River, and is 4 km northeast of the Mine Sitec silica mine, in operation for over fifty years. Access to the project is via a paved highway and well maintained forestry access roads.
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