$13.1M strategic investment from Agnico Eagle Mines Limited for a 9.9% shareholding
Rupert Resources Ltd. (“Rupert” or “the Company”) announces a non-brokered private placement with Agnico Eagle Mines Limited (“Agnico”) that will result in Agnico holding, after giving effect to the placement, 9.9% of the issued and outstanding common shares of Rupert (“Common Shares”), on a non-diluted basis, and warrants to acquire an additional 11,543,704 Common Shares, representing an aggregate of 16.1% of the issued and outstanding Common Shares on a partially-diluted basis. Agnico subscribed for 15,391,605 units of the Company (the “Units”) at a subscription price of C$0.85 per Unit, for gross proceeds to Rupert of C$13,082,864. The proceeds will be used to further advance exploration of Rupert’s 100% owned Pahtavaara Project in Northern Finland.
James Withall, CEO of Rupert commented “The strategic investment by Agnico, one of the world’s premier gold mining companies and the operator of the Kittilä mine, Europe’s largest gold mine located 50km from Rupert’s Pahtavaara Project, will help unlock the potential of our ground and validates Rupert’s exploration in the region. The new investment is expected to fund Rupert’s exploration campaign for at least 12 months and may lead to synergies in the event Rupert’s projects progress to the development stage.”
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