Non-brokered private placement of up to $7.7M and conversion of the convertible debentures
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Rupert Resources Ltd (“Rupert” or “the Company”) is pleased to announce that it intends to complete a non-brokered private placement of up to 9,000,000 common shares (“Common Shares“) of the Company at a price of $0.85 per Common Share for gross proceeds of up to $7,650,000 (the “Private Placement“) to fund exploration activities at Rupert’s properties in Northern Finland.
Separately the Company announces that so far holders of approximately 93% of the Company’s 5.00% secured convertible debentures (the “Convertible Debentures”), equivalent to an outstanding aggregate principal amount of CAD$7,172,500 have now exercised their conversion right at a price of $0.85. This will result in the issuance by the Company of approximately 8,438,235 Common Shares. The outstanding Convertible Debentures will mature at 4:30p.m. on September 6, 2019.
James Withall, Chief Executive of Rupert Resources said “The conversion of the convertible debenture significantly improves Rupert’s balance sheet, eliminating a perceived market overhang and demonstrates very strong shareholder confidence in management strategy and the prospectivity of the Central Lapland Greenstone Belt. The Company is well placed to continue its exploration programs both at the Pahtavaara mine site and across the regional landholding, to follow up on the Area 1 discoveries announced earlier this year and to drill test further targets that have since been identified.”
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