Vancouver, BC – The press wire – October 6, 2021 – RT Minerals Corp. (TSXV: RTM) (OTC: RTMFD) (the “Company”) is pleased to announce that following its press releases dated August 24, 2021 and September 23, 2021, the Company has completed a private placement aimed at to collect gross proceeds of $ 670,100 (the “Offer”). The Company raised $ 160,000 through the sale of 3,200,000 non-flow-through units at a price of $ 0.05 (the “NFT units”). Each NFT unit consists of one common share and one warrant exercisable for one additional common share at a price of $ 0.06 for a term of two years. The Company raised an additional $ 510,100 through the sale of 8,501,666 Flow-Through Units at a price of $ 0.06 (the “FT Units”). Each FT unit consists of one flow-through common share and one warrant exercisable for one additional common share at a price of $ 0.06 for a term of two years.
The proceeds from the sale of the flow-through portion of the placement will be used for exploration activities on the 100% optional and / or Company owned Catharine properties near Kirkland Lake, Ontario. The proceeds from the sale of the non-flow-through portion of the placement will be used to pay all contractual obligations owed by the Company, trade debts and general working capital.
Finder’s fees of $ 50,008 (8% in cash) and 220,133 warrants (8% of the number of units sold) were paid on a portion of the placement. Finder’s warrants may be exercised at a price of $ 0.07 per warrant for a period of two years.
The wife of Doug Andrews, director of the Company, subscribed for 333,333 FT shares. Mr. Andrews is considered a “related party” within the meaning of Multilateral Instrument 61-101 on the Protection of Holders of Minority Securities in Special Transactions (“MI 61-101”) and the Offer is therefore considered a “Related party transaction” within the meaning of MI 61-101. The investment is however exempt from the valuation requirement of NI 61-101 on the basis that the fair market value of the related party interest is less than 25% of the current market capitalization of the Company.
All securities issued are prohibited from trading until February 7, 2022.
About RT Minerals Corp.
RT Minerals Corp. is a junior exploration company listed on the TSX Venture Exchange under the symbol “RTM” and has 76,444,654 common shares issued and outstanding, including 19,950,000 escrow shares to be released over a three-year period ending on July 14th. , 2024. The Company holds an option to acquire a 100% interest in the Gold Link-Catharine RLDZ property consisting of 15 unpatented single cell mining claims totaling 220 hectares in a block of claims, which is contiguous au owned 102 km2 of the Catharine claim block. The above properties are located approximately 22 km SSE of the town of Kirkland Lake, Ontario. The Company also owns a 100% interest in the Norwalk gold property near Wawa, Ontario.
For more information on the Company and its properties, please visit the Company’s website at www.rtmcorp.com.
FOR MORE INFORMATION, CONTACT:
Donald (Dan) M. Clark
President, President and Chief Executive Officer
RT Minerals Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this press release.
This press release contains certain forward-looking statements, which relate to future events or future performance (including, but not limited to, the overall size of the offering, the proposed use of the product and the expected closing. of any portion thereof) and reflect current expectations and assumptions. These forward-looking statements reflect the current beliefs of management and are based on assumptions made by and on information currently available to the Company. Readers are cautioned that these forward-looking statements are not promises or guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected, including, but not limited to , market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operational risks, accidents, labor issues. construction, delays in obtaining government approvals and permits and other risks in the mining industry. All forward-looking statements contained in this press release are qualified by these cautionary statements and those contained in our continuous disclosure documents available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable law.
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