Increased Offering of Units
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Increased Offering of Units
Vancouver, British Columbia – (August 28, 2020) – Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF)
(“Rover Metals” or the “ Company”) is pleased to announce that further to its press release s of August 4, 2020 ,
and August 24, 2020, announcing a non-brokered Unit Financing, it now wishes to increase the size of the offering
of the units to up to $1,099,999.98, or up to 18,333,333 common shares and up to 18,333,333 warrants at $0.06 per
unit. The Company has received commitments in excess of the previous maximum of $900,000. The Company
would also like to confirm, that further to its release of August 26, 2020, it has now received acceptance from the
Toronto Venture Exchange (the “TSXV”) to perform a first closing of the Unit Financing for gross proceeds of
$275,000.04 (the “First Units”). This is a correcting release with regards to the date of the First Units closing. Each
unit is comprised of one common share and one common share purchase warrant (the “First Warrants”). The First
Units were issued at $0.06 per unit, resulting in the issuance of 4,583,334 common shares and 4,583,334 warrants.
The First Warrants have an exercise price of $0.12 per warrant share, a life of two years, and an acceleration clause
if the Company’s common shares trade at $0.20 per common share for five consecutive days. The Company expects
to perform a second and final closing of its Unit Financing shortly.
Use of Proceeds
As released on August 24, 2020 and August 2 6, 2020 the Company will use the proceeds from Unit Financing to
start exploration drilling at its 100% owned Cabin Lake gold project , as well as for general and administrative
working capital.
As a result of the increase in the offering size of the Unit Financing the Company expects to be able to expand the
exploration program at Cabin Lake, as well as perform some airborne geophysics at it Up Town Gold project. This
is an initial release with regards to the increased scope of the Cabin Lake exploration program, as well as exploration
plans for Up Town Gold, and an updating release will be provided once the Company is able to secure contracts to
do the additional work.
About Up Town Gold
The Up Town Gold project is located on the outskirts of city limits of the city of Yellowknife. The Up Town Gold
project is an Archean lode -gold prospect adjoining the historic 8.1 million ounce (16.1 g/t Au) Giant Mine gold
deposit in Yellowknife, Northwest Territories and Gold Terra Resources’ (TSXV: YGT) Yellowknife City Gold
Project. The 3,227 hectare property hosts ten high -grade gold occurrences. Most work has been conducted at the
Rod Vein which was drilled to a shallow depth in the 1960’s and mined on a small scale in 1979 by previous owners.
Recent historic surface sampling returned grab samples up to 318 g/t Au and channel samples up to 1.20 m @ 17.27
g/t Au. Drilling by Rover Metals in 2017 returned significant gold intersections in all of three holes drilled with
best results of 5.4 m @ 4.28 g/t Au including 0.9 m @ 22.10 g/t Au (Rover Metals Press Release dated October 4,
2017). At the Fox South zone, a different style of wide, disseminated, shear zone hosted mineralization returned
historic surface samples up to 30.3 g/t Au. Rover tested the zone with three drill holes in 2017 with best results of
7.1 m @ 0.62 g/t Au including 0.3 m @ 5.12 g/t Au . Other zones on the property have not yet been explored by
Rover.
Historic property scale geochemical and geophysical surveys defined several large-scale structural corridors
localizing the principal gold showings and parallel to the Giant Shear Zone in the Yellowknife Greenstone Belt.
Mineralization at the Up Town Gold property is granitoid -hosted and belongs to the recently -recognized class of
Archean granitoid-hosted lode gold deposits. Prominent examples include Woodcutters Goldfields in Australia;
Buzwagi in Tanzania; Renabie, Cote Lake, Hammond Reef and Hasaga in Ontario; and several mines in the
Bourlamarque Batholith in Quebec. Aside from historic work on the Up Town Gold Property, no extensive
exploration for this class of deposits has been conducted in the Yellowknife area despite the large gold endowment
in the district.
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The Up Town Gold project is permitted for drilling, and Rover Metals is actively seeking joint ventures for
partnership of the exploration drilling costs.
Technical information in this news release has been approved by Raul Sanabria, M.Sc., P.Geo., Technical Advisor
and shareholders of Rover Metals Corp. and a Qualified Person for the purposes of National Instrument 43-101.
About Rover Metals
Rover Metals is a precious metals exploration company specialized in North American precious metal resources,
that is currently advancing the gold potential of its existing projects.
You can follow Rover Metals on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news.
https://www.rovermetals.com/
ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director
For further information, please contact:
Judson Culter
Email: [email protected]
Phone: (604) 449-5347
Statement Regarding Forward-Looking Information
This news release contains statements that constitute "forward -looking statements." Such forward -looking
statements involve known and unknown risks, uncertainties and other factors that may cause Rover's actual results,
performance or achievements, or deve lopments in the industry to differ materially from the anticipated results,
performance or achievements expressed or implied by such 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. There can be no assurance that such
statements will prove to be accurate. Actual results and future events could differ materially from those anticipated
in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any
factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to
update these forward -looking statements in the event that management's beliefs, estimates or opinions, or other
factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS
THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON
THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT
DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT
AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OF THIS RELEASE.