Rover raises $1.278MM under $0.10 Unit Financing
Rover raises $1.278MM under $0.10 Unit Financing
VANCOUVER, British Columbia, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Rover Metals Corp. (TSXV: ROVR) (OTCQB:
ROVMF) (“Rover” or the “Company”) further to its releases of January 6, 2021, and January 18, 2021, announcing a non-
brokered $0.10 Unit Financing, Rover has now closed the Second and Final tranche of the $0.10 Unit Financing for gross
proceeds of $270,000.00 (the “Second Units”). A total of $1,277,500.00 has now been raised under the $0.10 Unit Financing.
The use of proceeds of the financing include plans for a resumption of exploration drilling at its 100% owned Cabin Lake gold
project, NT, Canada as soon as this February, 2021. Further to its release of January 4, 2021, the Company is on track to
obtain an ice road permit this winter to access the Cabin Lake project directly off Highway NT3, at the town of Behchoko. Ice
road access to the property will materially decrease the Company’s exploration costs.
About the Cabin Lake Gold Property
On September 8, 2020, Rover kicked-off its first exploration drilling program at the Cabin Lake Gold Property. The exploration
program included both confirmation and expansion drilling of historical high grade gold drill intercepts in the Bugow “Cabin
Lake Gold Zone.” Rover’s expansion drilling included the discovery of what it believes to be a primary gold bearing ore shoot at
the Cabin Lake Gold Zone (see Figure 1 below). As released on November 24, 2020, drill hole CL-20-08 intersected 32 meters
of continuous gold averaging 13.6 grams per ton Au . The significance of hole CL-20-08 is that economic gold grades start
at just 17.5 meters from surface, and the hole has identified a northwest trend and plunge at depth, of the gold mineralization
in the ore shoot zone. Hole CL-20-08 also intersected and confirmed historic holes DDH86-12 (15.77 g/t Au over 8.02m) and
DDH86-28 (11.74 g/t Au over 16.0m).
Figure 1 – Drill Plan View Featuring Ore Shoot
Rover’s September 2020 drill program was the initial step towards confirming and expanding the historic 100,000 tons at 0.30
Oz/ton Au* Bugow historic resource estimate towards a NI 43-101 compliant mineral resource estimate. Historic drill
intersects reported in the Bugow Cabin Lake Gold Zone also include reported holes DDH 86-13 of 14.23 g/t Au over 6.1m; and
DDH 86-10 with 10.84 g/t Au over 10.0m. Starting in February 2021, the Company plans to drill the Cabin Lake Gold
Zone ore shoot at depth, as well as several other brownfields targets that exist along the Bugow Iron Formation (for
example, the Andrew North Zone, the Andrew South Zone, and the Beaver Zone – all part of the Cabin Lake Property). The
Company currently has identified at least 12 targets as potential new ore shoot discoveries on the property.
(*) As per Section 2.4 of NI 43-101, Aber Resources Ltd. reported a mineral inventory (that does not compare to the current
CIM Definitions Standards mineral resource categories) of 100,000 tons at 0.30 ounces per ton gold at the Cabin Lake Gold
zone on the north limb of the folded Bugow Iron Formation in their 1986 and 1987 annual reports. The parameters used for the
resource calculation are unknown. These results are relevant as to delineate a larger zone of gold mineralization at the Cabin
Lake Gold Zone, but further drilling is needed to bring that up to CIM Definition Standards. The reader is cautioned that a
Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources and Rover
Metals is not treating the historical estimates as current mineral resources.
$0.10 Unit Financing
Further to its releases of January 18, 2021, announcing closing of First tranche of the $0.10 Unit Financing for gross proceeds
of $1,007,500 (the “First Units”). The Company has now received approval from the Toronto Venture Exchange (the “TSXV”) to
close its Second and Final Tranche of the financing for gross proceeds of the $270,000.00 (the “Second Units). Each unit is
comprised of one common share and one common share purchase warrant (the “First Warrants”). The Second Units were
issued at $0.10 per unit, resulting in the issuance of 2,700,000 common shares and 2,700,000 warrants. The Second
Warrants have an exercise price of $0.15 per warrant share, and a life of two years. The total amount raised under both the
First and Second Unit Closings amount to gross proceeds of $1,277,500, or 12,775,000 common shares, and 12,775,000
warrants. Finders’ cash commissions of $4,720.00 and finders’ commission warrants of 725,200 were paid and issued,
respectively, in connection with this financing. The units will bear the minimum four-month regulatory hold period from the date
of issuance. The use of proceeds of the first closing will be to finance exploration planning, winter exploration mobilization, and
winter drilling at its Cabin Lake property, as well as working capital for general and administrative expenses.
Advisor Agreements
The Company has received approval from the TSXV to issue common shares to several of its advisors as payment settlement
for their services.
Robert Schafer
Robert Schafer’s advisory services of $7,500, for the period of September 16, 2020 through to December 15 th, 2020, will be
paid through the issuance of 71,429 common shares as full payment settlement. The shares will bear a four-month regulatory
hold period from the date of issuance.
Abingdon Capital
Abingdon Capital’s advisory services of $10,000, for the period of September 1, 2020 through to December 31st, 2020, will be
paid through the issuance of 106,250 common shares as full payment settlement. The shares will bear a four-month regulatory
hold period from the date of issuance.
Louis Covello
Louis Covello’s advisory services of $10,000, for the period of September 1, 2020 through to December 31st, 2020, will be paid
through the issuance of 106,250 common shares as full payment settlement. The shares will bear a four-month regulatory hold
period from the date of issuance.
Technical information in this news release has been approved by Raul Sanabria, M.Sc., P.Geo., Technical Advisor and
shareholder of Rover Metals Corp. and a Qualified Person for the purposes of National Instrument 43-101.
About Rover Metals
Rover 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 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, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: 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 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 be 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.