Mr. John Mirko reports
ROKMASTER CLOSES $1.3 MILLION FINAL TRANCHE AND MAKES OPTION PAYMENT
Rokmaster Resources Corp. has closed the final tranche of its previously announced non-brokered financing, with the issuance of 5,147,000 units at a price of 25 cents per unit, for gross proceeds of $1,286,750.
Each unit issued in the final tranche comprises one common share of the company and one non-transferable common share purchase warrant to purchase one additional common share of the company at a price of 45 cents per warrant share for a period of two years expiring on Feb. 23, 2024, subject to an acceleration provision as more detailed in the company's news release dated Jan. 28, 2022.
The securities issued in the final tranche are subject to a four-month-and-one-day hold period expiring June 24, 2022, and were not offered or registered in the United States.
In connection with the closing of the final tranche, the company paid cash finders' fees in aggregate of $79,590 and issued a total of 318,360 finders' warrants to certain finders. Each finder's warrant entitles the holder to purchase one warrant share at a price of 45 cents for a period of two years expiring on Feb. 23, 2024, and is also subject to the same acceleration provision as the share purchase warrants.
Proceeds from the financing will be used to finance the Revel Ridge project and for general working capital purposes.
Insiders of the company subscribed for an aggregate of 4,157,000 units in the financing for gross proceeds of $1,039,250, which participation constituted a related party transaction as defined under Multilateral Instrument 61-101. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, exceed 25 per cent of the company's market capitalization.
John Mirko, Rokmaster's president and chief executive officer, stated, "We are pleased to close this round of financing with continued support from Delphi Unternehmensberatung AG and our current shareholders, and we are also financed and excited to advance our exploration and development programs at Revel Ridge."
The company also made its third option payment with respect to its Revel Ridge project to Huakan International Mining Inc. in the amount of $4-million.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed and approved by Eric Titley, PGeo, who is independent of Rokmaster and who acts as Rokmaster's qualified person.
Rokmaster controls a portfolio of three significant exploration and development projects, all of which are in Southern British Columbia in regions of excellent infrastructure. The three projects include the following.
Rokmaster is currently conducting an underground drill program at the Revel Ridge project, located in southeastern British Columbia, 35 kilometres north of the city of Revelstoke. Revel Ridge is host to a high-grade gold and polymetallic orogenic sulphide deposit, which has been the subject of a preliminary economic assessment technical report dated Dec. 8, 2020, and an updated mineral resource estimate with an effective date of Nov. 15, 2021, both published on SEDAR.
Rokmaster controls the Big Copper property in the Creston area of Southern B.C. Big Copper is a high-grade copper-silver occurrence hosted in mid-Proterozoic rocks. Copper-silver mineralization has been traced for four kilometres along strike and is exposed in a series of adits and trenches over approximately 400 to 500 metres of vertical relief. Big Copper likely belongs to a class of stratabound replacement copper-silver deposits hosted within mid-Proterozoic quartzitic sedimentary rocks. The style and stratigraphic setting of mineralization at Big Copper may be analogous to similar stratabound silver-copper deposits in northwest Montana: the Troy mine (64 million tonnes of 0.74 per cent copper (Cu) and 54 grams per tonne (g/t) silver (Ag) (Western Mining History, 2020); or Hecla's Montanore mine, 112 million tonnes at 51.2 g/t Ag and 0.7 per cent Cu (Hecla, 2020 annual report, page 119). (The qualified person has been unable to verify this inferred resource.)
Duncan is a carbonate-hosted silver-lead-zinc deposit located near Duncan Lake in Southern B.C. The Duncan deposit is hosted within a Cambrian-age Badshot limestone, which also hosts Ag-Pb-Zn mineralization at Teck's currently producing Pend D'Oreille mine, as well as past producers, including the Blue Bell mine, Reeves MacDonald, Jersey-Emerald and HB mines. Mineralization at Duncan Lake forms in the crest and limbs of the regional scale Duncan Lake anticline, where strong lead-zinc-plus-or-minus-silver mineralization has been traced by surface and underground drilling for approximately 2,500 metres. At Duncan Lake, Rokmaster will be targeting more than 30 million tonnes of more than 10 per cent lead plus zinc plus silver. Historical background and a geological synthesis of the Duncan Lake deposit are provided in a National Instrument 43-101 report by B. Lane, 2018.
We seek Safe Harbor.
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