Rupert Resources Ltd (“Rupert” or the “Company”), a company advancing the multi-million-ounce Ikkari gold deposit and new regional discoveries at the company’s 100% owned Rupert Lapland Project in Northern Finland, announces that Agnico Eagle Mines Limited (“Agnico Eagle”) has exercised warrants issued in Rupert’s February 2020 private placement (see press release dated February 11, 2020) to acquire 11,543,704 common shares for net proceeds to Rupert Resources of $11,543,704 (the “Warrants”). Following the transaction Agnico holds 28,644,111 common shares equivalent to 15.1% of the issued ordinary shares in Rupert or 14.5% on a fully diluted basis.
This exercise of the Warrants, which were scheduled to expire on February 11, 2023, related to Rupert’s acceleration of the expiry of the Warrants in accordance with their terms as a result of the trading price of Rupert’s common shares exceeding $1.25 for 20 consecutive trading days on February 11, 2022.
