Rathdowney Announces Closing of Second Tranche of Private Placement
Rathdowney Announces Closing of Second
Tranche of Private Placement
VANCOUVER
,
May 26, 2020
/CNW/ - Rathdowney Resources Ltd. ("Rathdowney" or the
"Company") (TSX
V: RTH) announces that it has closed the second tranche of the unit private
placement (the "Private Placement") announced previously on
April 21, 2020
, consisting of
1,555,000 Units issued for gross proceeds of CAD
$139,950
.
Each Unit is comprised of one common share (a "
Share
") of the Company plus one common share
purchase warrant (a "
Warrant
"). Each Warrant can be exercised for a five year period from the
Closing Date (as hereinafter defined) at
$0.11
per Warrant Share (as hereinafter defined). In the
event that the closing price of the common shares of the Company is at or above
$0.15
per share
for a period of 10 consecutive trading days during the warrant exercise period (with the 10
th
such
trading day hereafter referred to as the "Eligible Acceleration Date"), the warrant expiry date shall
accelerate to the date that is 60 days after the Eligible Acceleration Date.
The securities issued pursuant the Private Placement will be subject to applicable resale restrictions,
including a four month hold period from date of closing of the Private Placement under applicable
Canadian securities laws. Completion of the private placement is subject to regulatory approval,
including approval of the TSX Venture Exchange.
Proceeds will be used to advance permitting and engineering activities in
Poland
on the Company's
Olza zinc-lead-silver project ("Project Olza") towards the final submission for its Polish Mining
License, as well as for general corporate working capital purposes.
On behalf of the Board of Directors
David J. Copeland
, P.Eng.
President and CEO
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 release.
This release includes certain statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical facts, that address exploration drilling,
exploitation activities and events or developments that the Company expects, are forward looking
statements. Although the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from those in the forward-
looking statements. Assumptions used by the Company to develop forward-looking statements
include the following: the Olza project will obtain all required environmental and other permits and all
land use and other licenses, studies and development of the Olza project will continue to be positive,
and no geological or technical problems will occur. Factors that could cause actual results to differ
materially from those in forward-looking statements include market prices, exploitation and
exploration successes, continuity of mineralization, potential environmental issues and liabilities
associated with exploration, development and mining activities, uncertainties related to the ability to
obtain necessary permits, licenses and title and delays due to third party opposition, changes in
government policies regarding mining and natural resource exploration and exploitation, continued
availability of capital and financing, and general economic, market or business conditions, as well as
risks relating to the uncertainties with respect to the effects of COVID-19. Investors are cautioned
that any such statements are not guarantees of future performance and actual results or
developments may differ materially from those projected in the forward-looking statements. For
more information on the Company, investors should review the Company's continuous disclosure
filings that are available at
www.sedar.com
.
SOURCE
Rathdowney Resources Ltd.
View original content:
http://www.newswire.ca/en/releases/archive/May2020/26/c1000.html
%SEDAR: 00029300E
For further information:
on Rathdowney and Project Olza, please visit
www.rathdowneyresources.com.
CO: Rathdowney Resources Ltd.
CNW 18:00e 26-MAY-20