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Rockland Resources Closes Oversubscribed Private Placement

Rockland Resources Ltd.
·2 min read
Rockland Resources Ltd.

VANCOUVER, BC / ACCESSWIRE / December 12, 2022 / Rockland Resources Ltd. (the "Company" or "Rockland") (CSE:RKL) announces that further to their news releases dated November 30th and December 1st, 2022, they have closed their now oversubscribed non-brokered private placement of 15,005,000 ("Units") at a price of $0.06 per Unit for aggregate gross proceeds of $900,300.00 (the "Offering"). Each Unit is comprised of one common share ("Share") and one transferable Share purchase warrant of the Company ("Warrant"). Each whole Warrant will entitle the Subscriber to purchase one Warrant Share for a 24-month period after the Closing Date at an exercise price of $0.10 per share and expiring on December 8th, 2024. Insiders subscribed for a total of 200,000 units of the private placement. A total of $48,600.00 finder's fees will be paid in connection with the private placement, finder's fees were on a cash only basis at 8%. Proceeds raised from the Offering will be used towards exploration activities on the Company's Utah lithium portfolio as well as general and administrative purposes.

About Rockland Resources Ltd.

Rockland Resources is engaged in the business of mineral exploration and the acquisition of mineral property assets for the benefit of its shareholders. Rockland is focused on its district scale (41,520 acres) land position prospective for lithium in mining friendly Utah, USA. Other assets include an option on the 41,818-hectare Elektra claystone project concessions that are located in Sonora, Mexico as well as an option to earn a 100-per-cent interest in the Cole Gold Mines property, located in Ball township, Red Lake mining division, Ontario. The Cole Property hosts high-grade gold mineralization in a classic Red Lake-type structurally controlled gold deposit environment.

On Behalf of the Board of Directors
Mike England
CEO and Director

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For further information, please contact:
Mike England
Email: mike@engcom.ca

Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Rockland Resources Ltd.



View source version on accesswire.com:
https://www.accesswire.com/731471/Rockland-Resources-Closes-Oversubscribed-Private-Placement