Rogue Releases Annual Financials, Updates on PEA and Marketing Progress, Announces 10:1 Consolidation and Board Change
VANCOUVER, BC--(Marketwired - August 17, 2016) -
- Annual Financials (April 2016 year-end) are now available on SEDAR and at www.rogueresources.ca
- Preliminary Economic Assessment is on track for a September release
- Material samples have been sent to silica end-users and discussions continue
- 10:1 share consolidation
Rogue Resources Inc. (TSX VENTURE: RRS) ("Rogue" or the "Company") is pleased to report that it closed its fiscal year with $883K in cash, which after the July Private Placement and the sale of the Pen South Property, has risen to roughly a $1.5M cash balance.
The Annual Financial Report and Management's Discussion and Analysis are now available for review under the Company's profile on SEDAR (www.sedar.com) and on the Company's website (www.rogueresources.ca).
Preliminary Economic Assessment & Marketing Samples
The Company remains focused on the Preliminary Economic Assessment ("PEA"), scheduled for completion by Met-Chem Canada ("Met-Chem"), a division of DRA Americas, the highlights of which are targeted for release in September. Rogue is working closely with Met-Chem, and the report is on track and on schedule. The Company also continues to actively engage in discussions with potential buyers of material from Silicon Ridge and some have evolved to the stage of lab review of the material. To date, six product samples have been sent for analysis to customer labs in Canada, the USA and Europe.
Share Consolidation
Subject to regulatory approval, the share capital of the Company will be consolidated on the basis of one (1) new common share for every existing ten (10) common shares. Where the exchange results in a fractional share, the number of common shares will be rounded to the nearest whole common share.
Board Change
It is with regret that the Company received John de Jong's resignation as a Director of Rogue this week, for personal reasons.
"I want to thank John for his contribution to Rogue over the past eight years. In addition, I am pleased with the Company's current financial position and also our progress in advancing Silicon Ridge. There is never a great time for a share rollback but I believe this sets us up better for funding our advancement decision later this year," said Sean Samson, President and CEO of Rogue Resources.
About Rogue Resources Inc.
Rogue is a mining company focused on generating positive cash flow. Not tied to any metal, it looks at rock value and good grade deposits that can withstand all stages of the metal price cycle. The current focus is Quebec's Silicon Ridge Project. For more information visit www.rogueresources.ca.
On Behalf of Rogue Resources Inc.
Sean Samson
President & CEO, Director
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 may constitute forward-looking statements. 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, 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. Should any of such assumptions prove to be incorrect or such risks become actual events, than the value of the Company's securities may decline. 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
For additional information regarding this news release please contact:
Sean Samson
sean@rogueresources.ca
+1-604-629-1808