00:19:40 EDT Fri 10 May 2024
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Rumble closes $172,500 initial public offering

2023-09-05 20:48 ET - News Release

Mr. Erwin Wong reports

RUMBLE RESOURCES INC. ANNOUNCES CLOSING OF INITIAL PUBLIC OFFERING AND LISTING OF COMMON SHARES

Rumble Resources Inc. has completed its initial public offering by issuing 1,725,000 common shares of the company at a price of 10 cents per share for gross proceeds to the company totalling $172,500, pursuant to a prospectus of the company dated June 6, 2023, filed with the B.C. Securities Commission. In connection therewith, the agent (as defined herein) exercised its option, granted pursuant to the agency agreement (as defined herein), to increase the size of the IPO by an additional 225,000 shares to cover the oversubscription under the IPO. The shares have been approved for listing on the Canadian Securities Exchange under the symbol RB.

The IPO was completed pursuant to an agency agreement dated June 6, 2023, between the company and Research Capital Corp., which acted as the lead agent on the IPO. Under the agency agreement, the company paid to the agent as consideration for its services: (i) a corporate finance fee (including GST) totalling $21,000; (ii) an agent's commission totalling $17,250; and (iii) expenses and holdback for expenses (including taxes) totalling $35,016.72, and issued to the agent and its subagents an aggregate of 172,500 non-transferable warrants of the company, being 10 per cent of the number of shares sold pursuant to the IPO. Each agent's warrant entitles the holder to purchase one share at an exercise price of 10 cents per share until Sept. 5, 2025.

The net proceeds of the IPO will be used to carry out exploration of the company's Woolford Creek property, for general and administrative purposes, and for working capital purposes.

About Rumble Resources Inc.

The company is engaged in the identification, acquisition, exploration and development of mineral resource projects. The company holds the exclusive option to acquire a 100-per-cent interest in the Woolford Creek claims, located approximately 15 kilometres north of Squilax, B.C., on the northeast shore of Little Shuswap Lake, and is composed of seven mining claims in the Kamloops mining division, British Columbia, covering approximately 3,620.07 hectares.

We seek Safe Harbor.

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