08:58:44 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Rapier Gold Inc
Symbol RPR
Shares Issued 64,996,406
Close 2016-10-27 C$ 0.15
Market Cap C$ 9,749,461
Recent Sedar Documents

Rapier accelerates expiry of 5.09 million warrants

2016-10-27 19:29 ET - News Release

Mr. Roger Walsh reports

RAPIER GOLD INC. ANNOUNCES WARRANT ACCELERATION

Rapier Gold Inc.'s warrantholders have been expressing their support of the company through exercising their warrants, and the company has elected to accelerate the expiry date of the remaining 5,099,900 warrants and compensation warrants issued through financings in November and December, 2015, and March, 2016. The warrants were set to expire in November and December, 2017, and March, 2018.

Each warrant may be exercised to acquire one common share of Rapier at 10 cents, for gross proceeds to the company of up to $509,990. Each warrant must be exercised on or before Nov. 28, 2016.

Under the terms of the warrants, Rapier is permitted to accelerate the expiry date of the warrants if the volume-weighted average trading price (VWAP) of the company's common shares listed on the TSX Venture Exchange remains at or above 15 cents for 10 consecutive days. On Oct. 21, 2016, Rapier met the conditions of the acceleration event. As a result, the company has chosen to accelerate the expiry date of the warrants to 5 p.m. Pacific Standard Time on Nov. 28, 2016.

Two million warrants have been exercised as of today's date, resulting in proceeds of $200,000.

Pen gold project summary

The company's activities are exclusively focused on exploring the Pen gold project, comprising approximately 16,400 hectares (approximately 160 square kilometres) located on Highway 101, 75 km southwest of Timmins, Ont. The project is approximately 45 km southwest of Tahoe Resources' Timmins West mine and the recently discovered 144 exploration area.

Tahoe Resources (formerly Lakeshore Gold) is conducting an extensive exploration program on 144 exploration area, which is outlined in a very comprehensive section of the company's website.

The Pen gold project is located approximately 85 km northeast of Goldcorp's Borden gold project. In March, 2015, Goldcorp acquired this project in the takeover of Probe Mines for $526-million. Goldcorp is actively advancing the Borden gold project as a source of ore for the 11,000-tonne-per-day Dome mill, located 160 km away in Timmins.

The Pen gold project appears to be on the western extension of the Porcupine-Destor fault zone (PDFZ), one of the most productive gold structures in the world. This fault zone extends east into Quebec and hosts many of the largest and most famous gold mines in Canada. The Timmins camp has produced approximately 72.5 million ounces to date.

Probe Metals recently acquired the Ivanhoe project located to the west of Rapier's Pen gold project and the West Porcupine and Ross properties to the east of the Pen gold project.

We seek Safe Harbor.

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