Le Lézard
Classified in: Mining industry
Subject: TRADE ISSUES

Rover Metals Announces Second Closing of $0.05 Unit Financing


NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE U.S.

VANCOUVER, British Columbia, April 26, 2022 (GLOBE NEWSWIRE) -- Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) ("Rover" or the "Company") further to its release of March 21, 2022, the Company is pleased to announce the second closing of its $0.05 Unit Financing for gross proceeds of $467,500.00 ("the Second Closing").

$0.05 Unit Financing
The Second Closing of $467,500.00 is comprised of the sale of $0.05 units in the amount of $412,500.00 and the sale of $0.055 flow-through shares in the amount of $55,000.00. The Company has issued 8,250,000 common shares and 4,125,000 common share purchase warrants as a result of the sale of $0.05 units. The warrants have an exercise price of $0.075 and a useful life of three years. The Company has also issued 1,000,000 common shares from the sale of flow-through common shares. Finders' commissions are being paid in connection with the Second Closing in the amount of cash commissions of $13,125.00 and finders' warrants of 255,500. The finder's warrants will have an exercise price of $0.075 and a useful life of three years. The common shares and warrants issued under the Second Closing will bear the minimum four-month regulatory hold period from the date of issuance.

Use of Proceeds
The use of proceeds from the Second Closing will be to finance Phase 3 Exploration at the Company's 100% owned Cabin Gold Project. The Company now has plans to expand its Phase 3 Exploration Program to include:

  1. Metallurgical testing of its drill core to determine potential recovery rates from the Fortune Minerals' NICO test pilot processing facility, which will be located 40km northwest of the Cabin Gold Project.
  2. Re-sampling of the holes drilled at the Beaver Zone in 2021, using the metallic screen fire assay method. The metallic fire assay method is effective when sampling to determine coarse and fine gold.

Appointment of Advisors
Gary MacDonald has been appointed to the Company's Advisory Board and will assist the Company with corporate development. Mr. MacDonald has more than 30 years of natural resource experience with an extensive background in mining. Mr. MacDonald currently serves on the board of several public and private companies and has operated projects internationally. Mr. MacDonald's roles and involvement have been all-encompassing from field to boardroom consisting of initial assessment and diligence, financing, exploration through to development, operations, production, management, and negotiating asset /company buyouts. Mr. MacDonald will receive a grant of 400,000 incentive stock options from the Company's rolling 10% stock option plan. The options have an exercise price of $0.06 and a life of four years.

Judson Culter, CEO at Rover, states "we are very fortunate to have such a well esteemed individual joining our team. Mr. MacDonald's strong technical and capital markets background coupled with his extensive mining knowledge will be a major asset and benefit to Rover. Mr. MacDonald's experience working in Nevada will bring added value to our development plans for the Tobin Gold Project, located in the Battle Mountain district of Nevada. Rover plans to launch a Phase 1 Exploration Program at the Tobin Gold Project later this year."

The Company has also engaged marketing consultants in Switzerland to assist Rover with entering the Swiss market and reaching Swiss junior mining gold investors. Pursuant to these consulting agreements, the Company has granted 400,000 incentive stock options from the Company's rolling 10% stock option plan. The options have an exercise price of $0.06 and a life of four years.

About Rover Metals
Rover is a precious metals exploration company specialized in North American (Canada and U.S.) precious metal resources, which is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel). The Company owns five gold projects. Phase 3 Exploration at its Cabin Gold Project, 60th Parallel, NT, Canada, commenced in March 2022 and continues through to the date hereof.

You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
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.rovermetals.com/

ON BEHALF OF THE BOARD OF DIRECTORS
"Judson Culter"
Chief Executive Officer and Director

For further information, please contact:
Email: [email protected] 
Phone: +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 or 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 or 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.



These press releases may also interest you

at 06:30
Azimut Exploration Inc. ("Azimut" or the "Company") is pleased to announce the discovery of nickel-copper massive sulphide mineralization during its maiden diamond drilling program on the Wapatik Property ("the Property"). Associated with an...

at 06:30
Minto Metals Corp. ("Minto" or the "Company") today announced the following results for each item of business considered at Minto's Annual and Special Meeting of Shareholders held on June 28, 2022 (the "Meeting"). All resolutions were passed at the...

at 06:30
FISCAL 2022 Q3 HIGHLIGHTS Net sales of $958.6 million, an increase of 10.7%, compared to the prior fiscal year quarterGross margin of 42.9% vs. 42.3% in the prior fiscal year quarterStrong operating margin of 14.3%, or 14.6% excluding restructuring,...

at 06:10
A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Wafer Inspection Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on...

at 06:05
Calibre Mining Corp. ("Calibre" or the "Company") is pleased to provide this update to the ongoing 35,000-metre drilling program at its 100% owned Gold Rock project located in the Battle Mountain - Eureka gold trend, Nevada. The Federally permitted...

at 06:00
Endurance Gold Corporation reported additional near-surface, high-grade gold results from its 2022 reverse circulation drill program at its Reliance Gold Property in British Columbia. With year-round road access, the Reliance Gold Property is...



News published on 26 april 2022 at 13:40 and distributed by: