TSX: RUP
OTC QX: RUPRF
FSE:
R05
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Feb. 27,
2023 /CNW/ - Rupert Resources Ltd. ("Rupert
Resources" or the "Company") reports that it has closed
the previously announced non-brokered private placement and has
issued 10,120,000 common shares of the Company ("Common
Shares") at a price of C$4.70 per
Common Share for gross proceeds of C$47,564,000 (the "Private
Placement").
Agnico Eagle Mines Limited ("Agnico Eagle"), exercised
its participation right to subscribe for 1,525,000 Common Shares,
retaining a 14.9% interest in the Company on a partially diluted
basis. The issuance of the Common Shares to Agnico Eagle
constitutes a related-party transaction under Multilateral
Instrument 61-101 – Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). This Private Placement is
exempt from the formal valuation and minority shareholder approval
requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a)
of MI 61-101 as neither the fair market value of any securities
issued to, nor the consideration paid by, Agnico Eagle would exceed
25.0% of the Company's market capitalization.
The Company intends to use the proceeds from the Private
Placement to fund on-going exploration and development expenditures
on the Company's properties in Finland and for general corporate
purposes.
The securities offered have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act"), and may not be offered or sold in
the United States absent
registration or an applicable exemption from the registration
requirements of the U.S. Securities Act. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy the Common Shares in the United
States or in any other jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Rupert Resources
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 and concessions located in the Central Lapland Greenstone
Belt of Northern Finland. The
Company also holds a 100% interest in the Surf Inlet Property in
British Columbia, a 100% interest
in properties in Central Finland
and a 20% carried participating interest in the Gold Centre property located adjacent to the
Red Lake mine in
Ontario.
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 the use of proceeds from the
Private Placement. 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 use of proceeds from the Private
Placement. 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 Management's Discussion and Analysis
for the year ended February 28, 2022,
available at www.sedar.com. 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.