Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its audited financial results for the twelve months ending February 28, 2021 and accompanying Managements Discussion and Analysis for the same period.
Both of the above have been posted on the Company’s website www.rupertresources.com and on Sedar at www.sedar.com.
During the 12 months ending February 28, 2021, the Company spent $14,637,057 (12 months ended February 29, 2020 – $9,571,101) on its exploration projects. As of February 28, 2021, Rupert held cash or cash equivalents of $21,724,305. The Company recorded a net loss and comprehensive loss for the year of $(7,343,327) (12 months ended February 29, 2020 – $(5,159,127)) and a net loss per share of $(0.05) (12 months ended February 29, 2020 – $(0.04)).
James Withall, Chief Executive Officer of Rupert Resources said, “Following the closing of the $48.7million financings earlier in June, Rupert’s work programmes are now fully funded for at least the next two years. Further funding beyond the forecast budget is anticipated from in-the-money options and warrants. We now have full visibility on our cash position and capital structure as we continue to derisk the Ikkari discovery whilst continuing our program to find deposits of scale in Northern Finland.”
Rupert Resources Ltd (“Rupert” or “the Company”, TSX-V: RUP) reports new drill results from its Ikkari prospect, the focus of its ongoing exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland (figure 1). The mineralised strike length at Ikkari is at least 650m in total (figure 2) with mineralisation on all sections intersected to a depth of at least 300 to 500m.
Highlights
James Withall, CEO of Rupert Resources commented “The infill holes reported today confirm the exceptional widths and continuity of grade at Ikkari with hole 121032 and 121063 indicating that the system remains open at depth with higher grade material re-emerging in the west below hitherto weaker mineralisation reported in January 2021. As previously announced, we expect to report a maiden mineral resource estimate for Ikkari this summer although drilling continues with the aim of further expanding the resource inventory over time as we refine our geology model and commence work to understand the full economic potential of the Ikkari Discovery.”
For pdf of full release including images and tables please follow the link below
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Rupert Resources Ltd. (“Rupert Resources” or the “Company”) reports that it has closed the previously announced concurrent equity financings raising a total of C$48,654,000 before expenses. The financings comprised two components: a bought deal equity offering (the “Public Offering”); and a private placement (the “Private Placement”) with existing shareholders including Agnico Eagle Mines Ltd. (“Agnico Eagle”).
James Withall, Chief Executive of Rupert Resources said “The financings were well supported by our existing shareholders including Agnico Eagle and a number of high-quality new institutions. The funds enable the Company to progress the Ikkari discovery through the maiden resource and economic evaluation stages whilst most importantly continuing our exploration that aims to demonstrate extensions to Ikkari and delineate the mineral potential of Rupert’s other discoveries made in Area 1 and the Pahtavaara mine. Rupert’s regional programme to generate and drill new targets on this very prospective property package of over 450km2 will continue in parallel.”
A total of 5,658,000 common shares in the capital of the Company (the “Common Shares”) were issued pursuant to the Public Offering at a price of C$5.30 per Share (the “Offering Price”) for gross proceeds of approximately C$29,987,400 which includes the exercise, in full, of the underwriter’s over-allotment option of 738,000 Shares. The Public Offering was conducted by BMO Capital Markets and Cormark Securities, as lead underwriters, and Canaccord Genuity Corp., Eight Capital and Scotia Capital Inc.
The Public Offering was completed pursuant to a short form prospectus dated June 1, 2021 in British Columbia, Alberta, Ontario and Newfoundland and Labrador and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended and applicable state securities laws. The Public Offering and the Private Placement remain subject to the final approval of the TSX Venture Exchange.
Rupert Resources also issued 3,522,000 Common Shares at the Offering Price in a concurrent Private Placement on substantially the same terms as the Public Offering (for gross proceeds of C$18,666,600, which includes 442,000 Common Shares pursuant to the option granted to the private placement participants to purchase additional Common Shares representing up to 15% of the number of Common Shares subscribed by each of them.
Agnico Eagle took up their full participation rights to subscribe to 917,302 Common Shares retaining a 15.40% interest in the Company on a partially diluted basis (when including 11,543,704 warrants exercisable at C$1.00 per Common Share acquired by Agnico Eagle in February 2020 as previously disclosed).
The issuance of the Common Shares to Agnico Eagle constitutes a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). This Private Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of any securities issued to nor the consideration paid by Agnico Eagle would exceed 25.0% of the Company’s market capitalization. The Company did not file a material change report 21 days prior to closing of the Public Offering, which the Company deemed reasonable in the circumstances in order to complete the Private Placement in a timely manner.
The net proceeds of the Public Offering and of the Private Placement will be used for on-going exploration expenditures on the Company’s properties in Finland and for general corporate purposes.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Common Shares in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
This press release contains statements which, other than statements of historical fact constitute “forward-looking statements” within the meaning of applicable securities laws, including statements with respect to: results of exploration activities, mineral resources. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. This press release contains forward-looking information in a number of places, such as in statements relating to use or proceeds from the Public Offering and Private Placement, the final approval of the Public Offering and Private Placement from the TSX Venture Exchange and the Company’s expectations, strategies and plans for the Finland Projects, including the Company’s planned exploration and development activities. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company’s Management’s Discussion and Analysis for the three and nine months ended November 30, 2020 available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
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Toronto, Ontario (May 17, 2021) – Rupert Resources Ltd. (“Rupert Resources” or the “Company”) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the “Underwriters”) led by BMO Capital Markets (“BMO”) and Cormark Securities (“Cormark”), under which the underwriters have agreed to buy, on a bought deal basis 4,920,000 common shares (the “Common Shares”), at a price of C$5.30 per Common Share (the “Offering Price”) for gross proceeds of approximately C$26.1 million (the “Public Offering”). The Company has also granted the Underwriters an option (the “Over-Allotment Option”), exercisable at the Offering Price for a period of 30 days following the closing of the Public Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any, on substantially the same terms as the Public Offering.
The Company is also pleased to announce that it has agreed to a concurrent private placement of up to 3,080,000 Common Shares at the Offering Price on substantially the same terms as the Public Offering (the “Private Placement”). Agnico Eagle have indicated their intention to participate in the private placement pro-rata their current shareholding in the Company. In addition, shareholders participating in the Private Placement will each have the option to purchase a number of additional Common Shares representing up to 15% of the number of Common Shares subscribed by each of them on closing.
In respect of the Public Offering, the Common Shares will be offered by way of a short form prospectus in British Columbia, Alberta, Ontario and Newfoundland and may also be offered by way of private placement in the United States. Both the Public Offering and the Private Placement are expected to close on or about June 4, 2021 and such closings are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
The net proceeds of the Public Offering and of the Private Placement will be used for on-going exploration expenditures on the Company’s properties in Finland and for general corporate purposes..
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Common Shares in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
For full release follow link below
Rupert Resources Ltd (“Rupert” or “the Company”) reports new drill results from its Ikkari prospect, the focus of its ongoing 60,000m exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland (figure 1). The mineralised strike length at Ikkari is at least 650m in total (figure 2) with mineralisation on all sections intersected to a depth of at least 300 to 500m.
Highlights*
* Highlight intercepts only, see tables 3 and 4 for full breakdown
James Withall, CEO of Rupert Resources commented “Drill hole 121026 is the best intercept reported at Ikkari to date and together with the other headline drill holes released today further confirms the exceptional continuity and grade of the discovery over significant drill intercept lengths. Ikkari is emerging as one of the best new discoveries of this gold cycle with a near surface, high grade component allied with non-refractory metallurgy in a top tier jurisdiction in close proximity to infrastructure. Drilling continues at priority targets on our wholly owned 451km2 licence package in the Central Lapland Greenstone Belt.”
For full release including images and tables please follow link below
Rupert Resources Ltd (“Rupert” or “the Company”) reports new drill results from its Ikkari prospect, the focus of its ongoing 60,000m exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland (figure 1). The mineralised strike length at Ikkari is at least 650m in total (figure 2) with mineralisation on all sections intersected to a depth of at least 300 to 500m.
Highlights*
* see tables 3 and 4 for full breakdown of intercepts
James Withall, CEO of Rupert Resources commented “We continue to de-risk the Ikkari discovery both from a geological and engineering perspective as we work towards a maiden resource this summer. These new drill results from near-surface infill sections indicate good continuity of the high-grade core at Ikkari, with the new intercept from 121019 over double the average grade at Ikkari. The new metallurgical testwork received confirms Ikkari is non-refractory with processing to final product achievable using an extremely simple flowsheet with minimal environmental impact. Located <5km from 220kV transmission, we expect Ikkari to have access to a 100% renewable low-cost power source with the potential for extremely low carbon emissions.”
For full release including images and tables please follow the link below
Rupert Resources Ltd (“Rupert” or “the Company”) reports new drill results from its Ikkari prospect, the focus of its ongoing 60,000m exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland (figure 1). The mineralised strike length at Ikkari is at least 650m in total (figure 2) with mineralisation on all sections intersected to a depth of at least 300 to 500m.
Highlights*
* see tables 3 and 4 for full breakdown of intercepts
James Withall, CEO of Rupert Resources commented “Ikkari continues to deliver spectacular gold intersections expanding the mineralised footprint and increasing confidence in the continuity. Drilling continues with four rigs currently turning in Area 1 as well as an underground rig at the Pahtavaara mine. Over the months ahead we will be delivering multiple updates on the development of our discoveries as we move towards a maiden resource at Ikkari over the summer. As our understanding advances we believe that we are still at the early stages of demonstrating the full geological potential of this region.”
For full release including images and tables please follow link below
January 29, 2021 – Rupert Resources Ltd (“Rupert” or “the Company”) reports its financial results for the three and nine months ended November 30, 2020
James Withall, CEO of Rupert Resources commented “The Company remains well financed with over $28million of cash to advance its new discoveries to a maiden resource. A 60,000m drill programme is well underway with the goals of expanding the mineralised envelope at Ikkari as well as making other discoveries of scale elsewhere on Rupert’s 451km2 land package.”
Operating highlights
The work programme at Pahtavaara is designed to identify and evaluate the mineral potential contained in the Pahtavaara licence area, including in the vicinity of the Pahtavaara mine. In January 2021 Rupert announced an expanded 60,000m diamond drill programme to further evaluate six new discoveries previously made in an area within the Pahtavaara licence package known as Area 1 (including Ikkari) as well as continuing to identify potential prospects of scale elsewhere on the Rupert’s wholly owned 451km2 land package.
Base of till (“BoT”) sampling continues across the Pahtavaara licence area, with circa 12,203 samples collected as of the end of November 2020 over geophysical anomalies of interest and this programme has been extended to continue throughout 2021. Diamond drilling will be undertaken at new targets generated from this programme with the aim to have completed a first pass assessment of the licence area within the coming 12 months.
1,279m of drilling was undertaken over the quarter as part of a planned 10,000m programme at the Pahtavaara mine with the aim of testing a new geological interpretation ahead of updating the Mineral Resource Estimate at the Pahtavaara mine.
Financial highlights
During the nine months ended November 30, 2020, the Company spent $10,540,853 (9 months ended November 30, 2019 – $6,017,803) on its exploration projects. As of November 30, 2020, Rupert held cash or cash equivalents of $28,032,497. The Company recorded a net loss and comprehensive loss for the three months and nine months ended November 30, 2020 of $(4,536,505) and $(4,683,061) respectively (three months and nine months ended November 30, 2019 – $(1,076,228) and $(4,164,170) respectively) and a net loss per share for the three months and nine months ended November 30, 2020 of $(0.03) and $(0.04) respectively (three and nine months ended November 30, 2019 – $(0.01) and $(0.03) respectively).
