NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
July 16, 2024 – Rupert Resources Ltd. (TSX:RUP) (“Rupert” or the “Company”) is pleased to announce that in connection with its previously announced “bought deal” public financing, the Company has entered into an agreement with Cormark Securities Inc. and BMO Capital Markets as co-lead underwriters on behalf of a syndicate of underwriters (collectively the “Underwriters”) to increase the size of the previously announced financing. The Company will now issue 6,983,300 common shares of the Company (the “Shares”) at a price of $3.58 per Share, for gross proceeds of $25,000,214 (the “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 from and including the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any, on the same terms as the Offering. Closing is expected on or about August 1, 2024 (the “Closing Date”), and is subject to regulatory approval including that of the Toronto Stock Exchange.
The Company will also offer in a concurrent private placement approximately 3,250,000 Common Shares at the Offering Price on substantially the same terms as the Offering (the “Private Placement”).
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 will be set out in the short form prospectus.
The Shares to be issued under the Offering will be offered by way of a short form prospectus in British Columbia, Alberta, Ontario and Newfoundland, pursuant to National Instrument 44-101 – Short Form Prospectus Distributions and 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 such other jurisdictions as may be agreed upon by the Company and the Underwriters, in each case in accordance with all applicable laws and provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.
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 U.S. 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.
