Rupert Resources Ltd (TSX-V:RUP) (FSE:R05) is pleased to announce that it has now closed its previously announced non-brokered private placement and has issued 5,903,615 common shares of the Company at a price of $0.83 per Common Share for gross proceeds of $4,900,000.
The Company intends to use the proceeds from the Private Placement for its continued exploration program of the Pahtavaara project and general corporate purposes. The securities issued in connection with the Private Placement are subject to a four-month hold period, in accordance with applicable securities laws.
The Company has agreed to pay the following cash finder’s fees in respect of certain sales under the Private Placement: (i) to Smaller Capital Company, $50,000, (ii) to Haywood Securities Inc., $32,000, and (iii) to Canaccord Genuity Limited, $4,000.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Rupert is a Canadian based gold exploration and development company that is listed on the TSX Venture Exchange under the symbol “RUP”. The Company owns the Pahtavaara gold mine, mill, and exploration permits and concessions located in the Central Lapland Greenstone Belt in Northern Finland. The Company also holds a 100% interest in the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake Mining Division of Ontario.
The Company has entered into a binding letter of intent with Northern Aspect Resources Ltd. to complete a business combination, whereby the Company has agreed, subject to certain conditions, to acquire all of the issued and outstanding securities of NARL. NARL is a privately owned, British Columbia incorporated company with a 100% beneficial interest in the Hirsikangas and Osikonmaki properties in Central Finland. See the Company’s January 15, 2018 press release for additional information.
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