Rock Edge Resources Announces Closing of Oversubscribed Private Placements
VANCOUVER, BC / ACCESSWIRE / January 26, 2023 / Rock Edge Resources Ltd. (the "Company" or "Rock Edge") (CSE:REDG) is pleased to announce that further to its press release dated January 5, 2023, it has closed the oversubscribed Non Flow Through and Flow Through private placements. The Company issued 7,461,666 Non-Flow Through units (the "NFT Units") at a price of $0.06 per NFT Unit for aggregate gross proceeds of $447,699.96 and 3,267,500 Flow Through units (the "FT Units") at a price of $0.08 per FT Unit for aggregate gross proceeds of $261,400.
Each NFT Unit is comprised of one common share (a Share") and one transferable Share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.10 per Warrant Share for a 24 month period after the Closing Date.
Each FT Unit is comprised of one flow through common share ("FT Share") and one transferable Non-Flow Through Share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.12 per Warrant Share for a 24 month period after the Closing Date.
Proceeds raised will be used to advance the Company's Superb Lake Lithium Property and the Maun and Terrier Lithium properties located in the Great Lakes region of northern Ontario's emerging premier lithium mineral district and the Stockwork property in B.C. and general working capital.
Finders' fees of $37,712 in cash was paid to arm's length parties.
There was one insiders participation for a total of 200,000 units and six Pro Group participation for 1,200,000 units
Shares issued pursuant to the Financing will be subject to a four-month and one day hold period according to applicable securities laws of Canada.
About Rock Edge Resources Ltd.
Rock Edge Resources Ltd. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop economic precious, base metal and critical mineral properties of merit. The Superb Lake Lithium Project consists of 81 mining claims totalling 6,468 hectares in three separate claim groups. The properties are located approximately 40 km north of Nakina, Ontario along the English River-East Wabigoon sub-province boundary. The Stockwork Property is located in Southern British Columbia, approximately 55 km southeast of Vernon, within the Vernon Mining Division.
On Behalf of the Board of Directors
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Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: Rock Edge Resources Ltd.
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