Mr. Cameron Taylor reports
ROK RESOURCES ANNOUNCES CLOSING OF PRIVATE PLACEMENT FINANCING
Rok Resources Inc. has closed its previously announced financing consisting of units of the company at a price of 20 cents per unit for total gross proceeds of $1,392,000. Each unit consisted of a common share in the capital of the company and included one-half of one common share purchase warrant, with each warrant exercisable at a price of 30 cents to purchase one common share for a period of 24 months from the date of issuance, such that the warrants will expire on Nov. 9, 2022. A total of 6.96 million units were issued pursuant to the offering. The common shares and warrants issued pursuant to the offering are subject to a hold period of four months and a day from the closing date, expiring on March 9, 2021. While the offering was non-brokered, $14,000 was paid in finders' fees and commissions to various brokers who assisted with finding subscribers to the offering, in addition to the issuance of 35,000 broker warrants with the same terms as the warrants. The offering remains subject to the final approval of the TSX Venture Exchange.
The company expects to use the proceeds from the offering for general corporate purposes, as well as the operation and development of the assets recently acquired in the Glen Ewen area of Southern Saskatchewan pursuant to the company's June 30, 2020, press release.
About Rok Resources Inc.
Rok is engaged in exploring for petroleum and natural gas development activities in Saskatchewan. Its head office is located in Regina, Sask., Canada, and Rok's common shares are traded on the TSX Venture Exchange under the trading symbol ROK.
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