OTC Pink: RKMSF
VANCOUVER, March 4, 2020 /CNW/ - Rokmaster Resources Corp. (the "Company") wishes to announce that it has closed the final tranche of its non-brokered private placement with the issuance of 6,666,667 units at a price of $0.06 per unit (a "Unit") for gross proceeds of $400,000. Each Unit is comprised of one common share of the Company and one non-transferable common share purchase warrant exercisable to purchase one additional common share of the Company at a price of $0.10 for a period of two years expiring on March 4, 2022 and subject to an acceleration clause, further detailed in the Company's news release dated January 2, 2020. All securities issued with respect to the first tranche are subject to a hold period expiring on July 5, 2020.
In connection with the closing of the final tranche, the Company paid cash finder's fees of $23,280 and issued 388,000 finder's Compensation Options, in aggregate, to Leede Jones Gable Inc., PI Financial Corp. and Ascenta Finance Corp. Each Compensation Option entitles the holder to purchase one Unit at 0.06 per Unit for a period of one year expiring on March 4, 2021. The Units have the same terms as the Units issued to the subscribers of the private placement.
Proceeds from the private placement will be used to update a historical Preliminary Economic Assessment (PEA) and exploration work related to the Revel Ridge Project and for general working capital purposes. The PEA will incorporate the new Mineral Resource Estimate reported in a technical report ("see Rokmaster News Release dated, February 25, 2020) titled: "Updated Technical Report on the Revel Ridge Property (Formerly J&L Property), Revelstoke Mining Division, British Columbia, Canada."
John Mirko, the Company's President & CEO., stated "We are now well funded to complete an updated PEA which will incorporate for the first time, the current, substantially enlarged, Mineral Resource Estimate. We are excited to outline the preliminary economic potential of the project in the coming months."
The technical information contained in this news release has been reviewed and approved by Mark Rebagliati, P. Eng., a qualified person for the purposes of National Instrument 43-101.
For additional information on the Company and its projects, please visit the Company's website www.rokmaster.com or telephone (604) 290-4647.
On behalf of the Board of Directors,
John Mirko, President and Chief Executive Officer.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS:
This news release may contain forward-looking information within the meaning of applicable securities laws ("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. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Rokmaster's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
SOURCE Rokmaster Resources Corp.
For further information: on the Company and its projects, please visit the Company's website www.rokmaster.com or telephone (604) 290-4647.