NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
(Toronto) March 27, 2025
Rupert Resources Ltd. (TSX:RUP) (“Rupert Resources” or the “Company”) is pleased to announce that it has closed the previously announced “bought deal” public offering of 11,500,000 common shares in the capital of the Company (the “Shares”) issued at a price of $4.50 per Share (the “Offering Price”) for gross proceeds of $51,750,000, which included the exercise, in full, of the Underwriters’ over-allotment option (the “Offering”). The Offering was conducted by Cormark Securities Inc., as lead underwriter and sole bookrunner, and BMO Capital Markets, Scotia Capital Inc. and Canaccord Genuity Corp. (collectively, the “Underwriters”).
The Shares were offered by way of a prospectus supplement dated March 20, 2025 (the “Prospectus Supplement”) to the Company’s existing Canadian base shelf prospectus dated December 16, 2024 filed in British Columbia, Alberta, Ontario, New Brunswick and Newfoundland and Labrador. The Shares were also offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and in offshore jurisdictions on a private placement basis as agreed upon by the Company and the Underwriters, in each case in accordance with all applicable laws.
The Company plans to close its non-brokered private placement, previously announced on March 18, 2025, of up to 7,250,000 Common Shares at the Offering Price on substantially the same terms as the Offering for gross proceeds of up to $32.625 million (the “Private Placement”) on April 1, 2025. Agnico Eagle Mines Limited (“Agnico”) has indicated its intention to take up its rights to participate in the Private Placement to maintain its pro-rata ownership in the Company.
The net proceeds of the Offering and the Private Placement will be used for on-going exploration expenditures, technical and environmental studies on the Company’s properties in Finland and for general corporate purposes as set out in the Prospectus Supplement.
The Offering and the Private Placement remain subject to the final approval of the Toronto Stock Exchange.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
