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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191008 – Q2 results announcement
191011 – Q2 2019 – Financial Statements
191011 – Q2 2019 – MD&A
Rupert Resources Ltd (“Rupert” or “the Company”) provides an update on exploration activities at the Pahtavaara Project, Northern Finland. The Pahtavaara Project comprises a contiguous regional land package of 297km2 and a permitted 1,400tpd mill (the “Pahtavaara Project”).
Highlights
James Withall, CEO of Rupert Resources commented “Our understanding of the regional geological setting continues to grow and we are well financed to move the Pahtavaara Project forwards. Over the coming nine months our fieldwork, base of till sampling and diamond drilling programs will test our highest priority licence wide targets. Initial regional drilling will follow-up the discoveries at Area 1, announced in May. Furthermore, in October a drilling program will commence at the Pahtavaara mine to increase resource confidence and further test for mineralised extensions.”
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190910 – Restart of drilling and exploration update
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Rupert Resources Ltd (“Rupert” or “the Company”) is pleased to announce that it has now closed the previously announced non-brokered private placement and is issuing 8,532,940 common shares of the Company (“Common Shares“) at a price of $0.85 per Common Share for gross proceeds of $7,252,999 (the “Private Placement“).
The Company is also pleased to announce that its 5.00% secured convertible debentures issued pursuant to a convertible debenture indenture dated September 6, 2016 (the “Convertible Debentures”) matured at 4:30 p.m. on that day. Holders of over 95% of the Convertible Debentures, equivalent to an outstanding aggregate principal amount of CAD$7,367,500 have exercised their conversion right at a price of $0.85. This has resulted in the issuance by the Company of approximately 8,667,643 Common Shares. The outstanding principal amount of the Convertible Debentures of $340,000 plus accrued and unpaid interest is being settled in cash.
James Withall, Chief Executive of Rupert Resources said “Rupert has strengthened and simplified its balance sheet with new equity raised and the removal of the overhang caused by the convertible debenture. The team at Rupert is now focussed on an intensive exploration program across the entire Pahtavaara project, targeting further new regional discoveries and extensions to the known resources at the mine.”
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190909_Closing of non-brokered private placement
Rupert Resources Ltd (“the Company”) announces the issue of options to acquire shares in the Company (“options”) in accordance with the Company’s Stock Option Plan dated August 6, 2010 (the “plan”).
The Company granted a total of 2,565,000 options to certain directors, officers and employees of the Company. The options were granted on August 22, 2019 with an exercise price of $0.87 per share. The options are exercisable for a five-year period from the date of grant, with 50% of the options vesting after 12 months and the remainder after 24 months.
Following the award of the options, there are 10,700,000 options outstanding under the plan, representing 8.7% of the issued and outstanding shares of the Company.
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THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
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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190821_Rupert_Press_Release_Non-Brokered_Private_Placement_FINAL
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has today published unaudited financial results for the first quarter ending May 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 for the period at the Company’s projects in Finland are provided below. During the three months ended May 31, 2019, the Company spent $1,514,781 (three months ended May 31, 2018 – $896,010) on exploration and evaluation assets. As at May 31, 2019, the Company had cash and cash equivalents of $3,795,166.
James Withall. Chief Executive of Rupert Resources said “Rupert made advances in regional exploration in Q1 2019 with the discovery of three new incidences of gold mineralisation in the Area 1 target at Pahtavaara. Rupert expects to intensify exploration efforts in Area 1 and systematically advance a number of other targets in the extensive 290km2 land package that includes the Pahtavaara mine and mill.”
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190722 – Q12019 results announcement_final
Rupert Resources Ltd. (“Rupert” or the “Company”) is pleased to announce that it has filed an application to amend the terms of its 5.00% secured convertible debentures with an outstanding aggregate principal amount of CAD$7,705,000 (the “Convertible Debentures”) issued pursaunt to the Company’s private placement of the Convertible Debentures which closed on September 6, 2016. The Convertible Debentures are governed by a convertible debenture indenture dated September 6, 2016 (the “Convertible Debenture Indenture”) between the Company and Computershare Trust Company of Canada as the trustee (the “Convertible Debenture Trustee”).
The amendment will decrease the conversion price at which each Convertible Debenture will be convertible into common shares of the Company (“Common Shares”) from CAD$0.95 per Common Share to CAD$0.85 per Common Share. Each Convertible Debenture will continue to mature on September 6, 2019 and will be convertible at any time until maturity.
James Withall, CEO commented “The expected removal of the convertible debenture simplifies the Rupert capital structure and reflects strong support from the bondholders in Rupert’s exploration strategy and leaves them well positioned to benefit from any future exploration success at Pahtavaara.”
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190716 Amendment to Convertible Debenture
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its audited financial results for the twelve months ending February 28, 2019 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, 2019, the Company spent $6,579,680 (12 months ended February 28, 2018 – $7,494,051) on its exploration projects. As of February 28, 2019, Rupert held cash or cash equivalents of $5,949,381. The Company recorded a net loss and comprehensive loss for the year of $(6,171,061) (12 months ended February 28, 2018 – $(5,079,159)) and a net loss per share of $(0.05) (12 months ended February 28, 2018 – $(0.06)).
James Withall, Chief Executive Officer of Rupert Resources said, “We have made a number of breakthroughs at the Pahtavaara Project in 2019 culminating in the new discovery at Area 1 announced in May. Looking forward we now intend to focus our activities on identifying and developing a number of similar discoveries on our extensive land holding in northern Finland. We continue to be well supported by existing shareholders having raised over twelve million dollars in 2018 to fund the exploration programs. ”
