Rokmaster Closes $1.3 Million Final Tranche and Makes Option Payment
Rokmaster Closes $1.3 Million Final Tranche
and Makes Option Payment
VANCOUVER, BC,
Feb. 24, 2022
/CNW/ - Rokmaster Resources Corp. (TSXV: RKR) (OTCQB:
RKMSF) (FSE: 1RR1)
("Rokmaster"
or the
"Company")
is pleased to announce that it has closed
the final tranche (the "
Final Tranche
") of its previously announced non-brokered financing (the
"
Financing
") with the issuance of 5,147,000 units at a price of
$0.25
per unit (a "
Unit
") for gross
proceeds of
$1,286,750
.
Each Unit issued in the Final Tranche is comprised of one common share of the Company and one
non-transferrable common share purchase warrant to purchase one additional common share of the
Company (a "
Warrant Share
") at a price of
$0.45
per Warrant Share for a period of two years
expiring on
February 23, 2024
, subject to an acceleration provision as more detailed in the
Company's news release dated
January 28, 2022
.
The securities issued in the Final Tranche are subject to a four-months 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 finder's fees in
aggregate of
$79,590
, and issued a total of 318,360 finder's warrants (the "
Finder's Warrants
") to
certain finders. Each Finder's Warrant entitles the holder to purchase one Warrant Share at a price
of
$0.45
for a period of two years expiring on
February 23, 2024
and is also subject to the same
acceleration provision as the share purchase warrants.
Proceeds from the Financing will be used to fund 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 ("
MI 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% of the Company's market capitalization.
John Mirko
, Rokmaster's President and CEO 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
C$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 P.Geo
., who is independent of Rokmaster and who acts as Rokmaster's Qualified Person.
On Behalf of the Board of Directors of
Rokmaster Resources Corp.
John Mirko
,
President & Chief Executive Officer.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term in defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
press release.
About Rokmaster
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:
1
.
Revel Ridge.
Rokmaster is currently conducting an underground drill program at the Revel
Ridge Project located in southeastern
British Columbia
35 km's N 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
December 8,
2020
and an updated Mineral Resource Estimate with an effective date of
November 15, 2021
,
both published on Sedar.
2
.
Big Copper.
Rokmaster controls the Big Copper Property in the
Creston
area of
Southern
British Columbia
. Big Copper is a high-grade copper-silver occurrence hosted in mid-Proterozoic
rocks. Copper-silver mineralization has been traced for 4 km along strike and is exposed in a
series of adits and trenches over approximately 400 to
500 m
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
NW Montana
e.g., the Troy Mine (64 million tonnes of 0.74% Cu and 54 g/t Ag (Western Mining History,
2020) or
Hecla's
Montanore Mine, 112 million tonnes at 51.2 g/t Ag and 0.7% Cu (
Hecla
, 2020
Annual Report, Pg. 119.
www.hecla-mining.com).
1
Footnote (1).
The qualified person has been unable to verify this inferred resource.
3
.
Duncan Zinc.
Duncan is a carbonate hosted silver-lead-zinc deposit located near Duncan Lake
in southern
British Columbia
. 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 +/- silver mineralization has
been traced by surface and underground drilling for approximately
2500 m
. At Duncan Lake,
Rokmaster will be targeting > 30 Mt of >10% Pb+Zn+Ag. Historical background and a
geological synthesis of the Duncan Lake Deposit is provided in a NI 43-101 report by
Lane, B.,
2018: Technical Report on the Duncan Lake Project.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This news release may
contain forward-looking information within the meaning of applicable securities laws ("forward-
looking statements"). Forward-looking statements are statements that are not historical facts and
are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes,"
"intends," "estimates," 'projects," "potential" and similar expressions, or that events or conditions
"will," "would," "may," "could" or "should" occur. These forward-looking statements are subject to a
variety of risks and uncertainties which could cause actual events or results to differ materially from
those reflected in the forward-looking statements, including, without limitation: risks related to
fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned
work in a timely manner and on acceptable terms; changes in planned work resulting from weather,
logistical, technical or other factors; the possibility that results of work will not fulfill expectations and
realize the perceived potential of the Company's properties; risk of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of
cost overruns or unanticipated expenses in the work program; the risk of environmental
contamination or damage resulting from Rokmaster's operations and other risks and uncertainties.
Any forward-looking statement speaks only as of the date it is made and, except as may be
required by applicable securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future events or results or
otherwise.
SOURCE
Rokmaster Resources Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/February2022/24/c8711.html
%SEDAR: 00031923E
For further information:
Please contact: Mr. John Mirko, CEO of Rokmaster Resources,
[email protected], Ph. 1-604-290-4647 or the Company's website: www.rokmaster.com; For
shareholder information please contact: Mike Kordysz, [email protected], Ph. +1 (604)
319-3171
CO: Rokmaster Resources Corp.
CNW 16:10e 24-FEB-22