Rogue Resources Closes $1,075,350 Second Tranche
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 24, 2015) -
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Rogue Resources Inc. (TSX VENTURE:RRS) ("Rogue" or the "Company") is pleased to announce that, subject to regulatory approval, it has closed the second tranche of its previously announced non-brokered private placement (the "Offering"). The third and final tranche of the Offering is scheduled to close on or about October 2, 2015.
In the second tranche the Company issued 2,830,000 Non-Flow Through ("NFT") Units and 5,275,666 Flow Through ("FT") Shares for gross proceeds of $1,074,350. Including the first tranche, a total of 9,080,000 NFT Units and 5,275,666 FT Shares have been issued, for gross proceeds to date of $1,699,350. The shares in tranche two forming part of the Units are subject to a 4 month hold period expiring January 25, 2016. Finder's fees in the amount of $66,944.50 and 480,116 compensation warrants are payable on this tranche.
"We appreciate the confidence being demonstrated by our new and existing shareholders as the Company continues to advance its silica project 90 kilometers northeast of Québec City," commented Company President and CEO, John de Jong. "The proceeds raised from the sale of the FT Shares will be used by the Company to finance qualified Canadian exploration expenditures at the Company's Lac de la Grosse Femelle Silica Project. The net proceeds raised from the sale of the NFT Units will be used for surface exploration at the Femelle Silica Project and for general corporate purposes."
The Offering consists of NFT Units at a price of $0.10 and FT Shares at a price of $0.15, for aggregate gross proceeds of up to $2,500,000. Each Unit consists of one common share and one non-transferable common share purchase warrant. Each warrant forming part of the Unit will entitle the holder to purchase one common share at an exercise price of $0.12 for 24 months. Each FT Share consists of one common share and no warrant. Further details of the Offering can be found in the Company's September 9, 2015 news release.
About Rogue Resources Inc.
With its diverse portfolio of properties, all in good standing, the Company has the ability to focus its efforts and finances on the project that demonstrates the greatest market potential for return. The recent investment of $382 M by the Québec provincial government in Grupo FerroAtlantica, one of the world's largest silicon metal producers, to build a silicon metal plant located near our silica property is a great foundational point to launch this silica rich quartzite property. The extension by Quebec Hydro of power to within 4 kilometers of the silica project in the next year has the potential to significantly reduce operational costs should the Company go into production.
The Femelle Project is located approximately 42 km north of Baie-Saint Paul, situated on the St. Lawrence River, and is 4 km northeast of the Mine Sitec silica mine, in operation for over fifty years. Access to the project is via a paved highway and well maintained forestry access roads.
On Behalf of Rogue Resources Inc.
John de Jong, CEO & President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this release constitute forward-looking statements, including timing of completion of the Private Placement and exploration work. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, those matters identified in its continuous disclosure filings, including its most recently filed MD&A. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Contact
Rogue Resources Inc.
John de Jong
CEO/President
(604) 629-1808
john@rogueresources.ca
Rogue Resources Inc.
Sean Budnick
Investor Relations
Montreal, QC
(514) 397-0110
www.rogueresources.ca