Mr. Sean Samson reports
ROGUE RESOURCES ANNOUNCES OVERSUBSCRIPTION & CLOSING OF PRIVATE PLACEMENT
Rogue Resources Inc., subject to regulatory approval, has increased its $1-million non-brokered private placement announced on March 4, 2016, to $1,163,500, and closed the second and final tranche.
The second tranche consisted of the issuance of 3,355,000 non-flow through units for gross proceeds of $335,500. This brings the total raised to $1,163,500, all in non-flow-through proceeds. Each NFT unit consists of one common share at a price of 10 cents and one non-transferable common share purchase warrant, which will entitle the holder to purchase one common share at an exercise price of 12 cents until March 4, 2018. The shares in this tranche are subject to a four-month hold period expiring Aug. 2, 2016. Finders' fees in this tranche are payable as to $7,560 and 75,600 compensation warrants at an exercise price of 15 cents until March 4, 2018. For further details of the offering, see the company's March 4, 2016, news release.
Certain directors and/or officers of the company have acquired securities under the private placement, and upon closing, all officers and management of the company will own common shares of Rogue.
The company intends to use the net proceeds of the Oofering primarily for expenditures on the Silicon Ridge project (formerly called the Lac de la Grosse Femelle) as well as for general working capital.
Update on release of final assay results
The company's quality assurance/quality control process identified three samples that fell outside of the technical tolerance levels and needed to be rerun with Rogue's analytical laboratory. Final results are now being consolidated and are expected to be released next week.
Qualified person
The Silicon Ridge project is under the direct supervision of Eddy Canova, PGeo, senior vice-president of the company, a qualified person as defined by National Instrument 43-101, assisted by Paul Davis, PGeo, technical consultant to the company and also a QP as defined by National Instrument 43-101. Both QPs have approved the scientific and technical content of this release.
We seek Safe Harbor.
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