Results for second quarter 2019
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has today published unaudited financial results for the three and six months ending August 31, 2019 together with Management’s Discussion and Analysis for the same period. Both of the above will be published on the Company’s website www.rupertresources.com and will also be available on SEDAR at www.sedar.com.
Operating highlights at the Company’s projects in Finland for the period are provided below. During the six months ended August 31, 2019, the Company spent $3,071,459 (six months ended August, 2018 – $2,894,015) on exploration and evaluation assets. As at August 31, 2019, the Company had cash and cash equivalents of $1,200,803. On September 6, 2019, the Company raised $7,252,999 through a post-closing of the private placement of new, Common shares.
James Withall. Chief Executive of Rupert Resources said “Immediately post the second quarter, on September 9, 2019, the Company significantly strengthened its balance sheet through a $7,252,999 private placement at $0.85 per share, combined with holders of $7,367,500 of the Company’s convertible debenture electing to convert into equity at the same price, representing 95% of the total principal value of the convertible. Rupert is now well positioned to intensify its exploration activities across its 297km2 land package at Pahtavaara in Northern Finland following the discovery of three new incidences of gold mineralisation in the Area 1 target in Q1 2019.“
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