02:51:58 EDT Fri 19 Apr 2024
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Rogue Resources Inc (3)
Symbol RRS
Shares Issued 24,185,204
Close 2020-02-21 C$ 0.075
Market Cap C$ 1,813,890
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Rogue CFO Yap resigns; Snow White payment terms amended

2020-02-21 18:08 ET - News Release

Mr. Sean Samson reports

CORPORATE UPDATE: CFO TRANSITIONING AND AMENDED SNOW WHITE PAYMENT TERMS

Angela Yap, Rogue Resources Inc.'s chief financial officer since March of 2015, has chosen to accept full-time employment near her home in Vancouver and will transition out of the part-time CFO role that she has held with the company. Ms. Yap will continue to support Rogue as an adviser, and in her place, Rogue has secured a Toronto-based external group to provide finance and accounting support.

"It is with a heavy heart that we lose Angela, she has been rock-steady since we joined Rogue in 2016 and she has repeatedly proven to be an invaluable member of our team," said Sean Samson, president and chief executive officer of Rogue. "I understand her decision, and we wish her the very best going forward."

Mr. Samson will act as the interim CFO until such time as an appropriate candidate is identified.

Rogue is pleased to report that it has entered into an agreement to amend the payment terms for the company's previously announced acquisition of the Snow White quartz project, located near Massey, Ont., Canada. Rogue acquired the project in December, 2017, from a Sudbury-based prospector (see press releases dated Oct. 20, 2017, and Dec. 14, 2017) and initially amended the terms in 2018 (see press release dated June 18, 2018). To date, Rogue has made cash payments totalling $95,000. Under the terms of the amended agreement, Rogue has agreed to deliver additional cash payments of up to an aggregate of $440,000 upon the earlier of achievement of certain production milestones and the end of 2024 starting in December, 2020. All other terms of the agreement remain unchanged.

The negotiated amended agreement shifts the payment schedule by one year, extending the term of the agreement to 2024, and increases the 2020 payment to $120,000 to maintain the option in good standing, adding a total of $40,000 to the aggregate payments.

About Rogue Resources Inc.

Rogue is a mining company focused on generating positive cash flow. Not tied to any commodity, it looks at rock value and quality deposits that can withstand all stages of the commodity price cycle. The company includes Rogue Stone, selling quarried limestone for landscape applications; Rogue Quartz, focused on advancing its silica/quartz business with the Snow White project in Ontario and the Silicon Ridge project in Quebec; and Rogue Timmins with the nickel resource at Langmuir and the gold potential at Radio Hill.

Rogue is always searching for projects or mines that meet its criteria of grade, stage and jurisdiction.

We seek Safe Harbor.

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