RT Minerals Corp. Proposes Share Consolidation and Financing
Vancouver, February 6, 2023 - RT Minerals Corp. (TSXV:RTM) (OTC:RTMFF) (the "Company" or "RTM") announces that by a resolution of the Board of Directors of the Company passed effective February 3, 2023, the directors are authorized to consolidate the issued and outstanding common shares of the Company on a basis of one (1) new common share for every ten (10) existing common shares (the "Share Consolidation"). Currently, there are 60,044,654 common shares issued and outstanding and following the Share Consolidation, 6,004,465 common shares will be issued and outstanding. It is anticipated that the Share Consolidation will be implemented as soon as practicable. The Board of Directors is proceeding with the Share Consolidation on the basis that it will provide the Company with increased flexibility to seek additional financing opportunities. The Share Consolidation is subject to the acceptance of the TSX Venture Exchange ("TSXV"). The Company's name and stock symbol will remain unchanged following the Share Consolidation.
The Company proposes to raise up to $450,000 by way of non-brokered private placement(s) following completion of the Share Consolidation. The terms and conditions of the financing will be announced at that time in accordance with the policies and subject to the approval of the TSXV. The proceeds from the financing will be used to pay outstanding trade payables, general working capital, as well as completing initial prioritization of exploration targets and programs on the Company's portfolio of rare earth element and gold properties in Ontario, Canada.
About RT Minerals Corp.
RT Minerals Corp. is a junior exploration company listed on the TSX Venture Exchange under the symbol "RTM". The Company holds a 100% royalty-free interest in a portfolio of rare earth element, gold and base metal properties in Ontario: the Ireland, Milligan, Blakelock, McQuibban and Timmins properties. The Company also holds an option to acquire a 100% interest in the Link-Catharine RLDZ gold property located 22 km south-southeast of the town of Kirkland Lake, Ontario.
Ireland Property (Rare Earth Element) is a royalty free 52 claim block (421 Ha) covering an inferred carbonatite complex (the "Ireland Complex") located in Ireland Township, 45 km northeast of Smooth Rock Falls, Ontario. The Ireland Complex is 100% owned by RTM and is approximately 4.0 km long, 2.8 km wide, oval shaped and is positioned along a southern extensional splay fault contained within the Kapuskasing Structural Trend. The Kapuskasing Structural Trend contains several well documented carbonatite complexes that contain Niobium, Iron, Titanium and Rare Earth Element resources within various assemblages of carbonatite rocks.
Link-Catharine RLDZ Property (Gold) is comprised of fifteen unpatented single cell mining claims with a total area of 220 hectares in one claim block. The Link-Catharine property is located 22 km south-southeast of the town of Kirkland Lake, Ontario. RTM has an option to earn a 100% interest in this property subject to a 2% NSR.
Milligan Property (Gold) is a royalty free 16-claim block (129 Ha) located approximately 75 km northeast of Timmins, Ontario, and is 100% owned by RTM. The Milligan property covers the southeast extension of the volcanic stratigraphy hosting the Eastford Lake gold discovery of 142.2 g/t Au over 3.0 m announced by Explor Resources in 20091.
Blakelock Property (Gold) is a royalty free 9-claim block (73 Ha) located approximately 75 km northeast of Cochrane, Ontario, and is 100% owned by RTM. The property is host to a massive east-west trending magnetic high intrusive complex that was subject to limited drilling in 1967.
Mcquibban Property (Gold) is a royalty free 19-claim block (153 Ha) located approximately 50 km north of Cochrane, Ontario, and is 100% owned by RTM. The property hosts a strong 3.0 km long east-west trending inferred oxide facies banded iron formation, in which one historical drill hole encountered a gold mineralized interval of 5.47 g/t Au over 1.2m.
Timmins Property (Base Metals) is a royalty free 16-claim block (129 Ha) located approximately 50 km southeast of Timmins, Ontario, and is 100% owned by RTM. The property features several mineralized fault systems that suggest proximity to a base metal source.
For more information on the Company and its properties, please visit the Company's website at www.rtmcorp.com.
FOR FURTHER INFORMATION CONTACT:
Douglas J. Andrews, B.Sc., M.Sc.
President and Chief Executive Officer
Telephone: 604-681-3170
Telephone: 604-681-3170 Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain 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. Readers 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 including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.