Rover Announces and Closes $0.03 Unit Financing
Rover Announces and Closes $0.03 Unit Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE U.S.
VANCOUVER, BC / May 15, 2024 / Rover Critical Minerals Corp.
(TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) ("Rover" or the "Company") is pleased to
announce a non-brokered private placement financing for a minimum of $400,000 and a
maximum of $800,000. The Company will issue $0.03 units. Each unit is priced at $0.03 and is
comprised of one common share and one common share purchase warrant (the "Units"). The
warrants on the Units have an exercise price of $0.05 per warrant share, with a life of three years.
Assuming the financing is fully subscribed, there will be up to 26,666,667 common shares and
26,666,667 common share purchase warrants issued in connection with this financing, plus any
finder's commission warrants.
Further to the above announcement, Rover has received orders for $327,344 and has also
received approval from the TSX Venture Exchange (the "TSXV") to close the first tranche
of the Unit financing for gross proceeds of $$327,344 (the "First Closing"). The Company
will issue of 10,911,467 common shares and 10,911,467 warrants. No finders' commissions will
be paid connection with the First Closing. The shares and warrants issued under the First Closing
will bear the minimum four-month regulatory hold period from the date of issuance. The
financing is being led by a lithium investment portfolio managed by Gunnar Pedersen's family
office. Mr. Pedersen is a Director of the Company.
An updating release will be provided once the Company has completed any future closings of the
Unit financing, including receipt of final acceptance from the TSXV for the financing.
Use of Proceeds
The proceeds from the First Closing will be used to finance ongoing permitting and exploration
work at the Company's Let's Go Lithium project located in the Amargosa Valley of Nevada,
USA.
Judson Culter, CEO at Rover, states: "Gunnar's commitment to financing the permitting process
for our Let's Go Lithium ("LGL") project is huge for us. We have significantly reduced our burn
rate to allow us to focus our working capital on the continued NEPA permitting process for the
LGL project. Our last equity financing was in the summer of 2023. As a Company, we are
positioned to ride-out this bear market in lithium exploration. Our valued partners at the UES,
Reno office, have been out in the field since March of this year doing the work needed to move
the LGL project to the next level. Management is satisfied with the UES fieldwork to date and
feel confident that exploration drilling can be achieved in the area, with less than five acres of
planned disturbance."
Paddy Moylan, Rover's President comments: "What a great show of support to start this raise.
The smart money is seeing the opportunity. We are set for the market turnaround. If anyone is
keen to look at us please contact us directly at [email protected]."
Related Party Transaction
The private placement constitutes a "related party transaction" as such term is defined under
Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions
("MI 61-101") as an investment by a company beneficially controlled by a director of the
Company has participated in the financing, acquiring aggregate of 10,000,000 Units for
aggregate consideration of $300,000. The Company has relied on exemptions from the formal
valuation and minority shareholder approval requirements of MI 61-101 contained in sections
5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the private
placement as the Company is not listed on a specified market and neither the fair market value
(as determined under MI 61-101) of the subject matter of, nor the fair market value of the
consideration for, the transaction, insofar as it involved the related party, exceeded 25% of the
Company's market capitalization (as determined under MI 61-101). The private placement was
approved by the board of directors of the Company with the conflicted director abstaining.
About Rover Critical Minerals
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR,
on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company is
focussed on the permitting and exploration of the LGL project, a claystone lithium project
in the Amargosa Valley of Nevada, USA.
You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-critical-
minerals/mycompany/?viewAsMember=true
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-
YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovercriticalminerals.com/
ON BEHALF OF THE BOARD OF DIRECTORS
"Judson Culter"
Chief Executive Officer and Director
For further information, please contact:
Email: [email protected]
Phone: +1 (778) 754-2617
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, achievements, or developments 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 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, 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.
SOURCE: Rover Critical Minerals Corp.