Mr. Michael England reports
ROCKLAND RESOURCES SECURES DRILLER, ARRANGES FINANCING
Rockland Resources Ltd. has engaged Chibougamau Drilling with a base in Red Lake for the upcoming drill program at the company's flagship Cole Gold Mines project located in the prolific Red Lake district, Ontario. Chibougamau Drilling is very familiar with Red Lake having drilled extensively at the very successful Great Bear deposit over the years.
The initial drill program will consist of approximately 3,000 metres and is expected to commence later this month.
The company further announces it has arranged a non-brokered private placement of up to 12 million units at a price of 10 cents per unit for aggregate gross proceeds of $1.2-million. Each unit will comprise one common share and one transferable share purchase warrant of the company. Each warrant will entitle the subscriber to purchase one warrant share for a 36-month period after the closing date at an exercise price of 15 cents per share.
Net proceeds of the financing will be used to advance the corporation's Cole Gold Mines project in Red Lake, Ont., and for
general working capital purposes.
Shares issued pursuant to the financing will be subject to a four-month hold period according to applicable securities laws of Canada.
Finders' fees may be payable on the private placement, subject to the policies of the Canadian Securities Exchange.
Qualified person
Rockland's disclosure of a technical or scientific nature in this news release were reviewed and approved by Danae Voormeij, PGeo, who is a registered professional geoscientist with Engineers and Geoscientists British Columbia (EGBC) since 2007. Ms. Voormeij serves as the qualified person under the definition of National Instrument 43-101 as well as Rockland Resources newly appointed chief geologist.
About Rockland Resources Ltd.
Rockland Resources is committed to unlocking value through focused mineral exploration and discovery. The company's flagship project is the historic Cole Gold Mines project in the prolific Red Lake district of Ontario. By leveraging geological expertise, disciplined exploration and strategic project development, Rockland Resources aims to deliver meaningful growth and long-term value to its shareholders. Additionally, Rockland has a portfolio of beryllium properties in Utah that it is determining next moves on.
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