RTM:CC - RT Minerals Corp. Announces Closing of Non-Brokered Private Placement of Common Shares and Director Appointment
(TheNewswire)
NOT FOR DISTRIBUTION TO UNITED STATESNEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITEDSTATES
Vancouver, B.C. – TheNewswire -- February 21, 2024 – RT MineralsCorp. (TSXV:RTM) (OTC:RTMFF) (the “ Compan y” or “ RTM ”) is pleased toannounce, further to its news release of January 19, 2024, that theCompany has closed a non-brokered private placement of 9,999,999 common shares of the Company (the “ Shares ”) at $0.03per Share for gross proceeds of $300,000 (the “ Offering ”).
All securities issued inconnection with the Offering are subject to a statutory hold period offour months plus a day in accordance with applicable securitieslegislation ending on June 21 , 2024 .
No finders’ fees were paid in connection with thisPrivate Placement. No insiders of the Company participated in theOffering.
USE OF PROCEEDS
The Company intends to use approximately $89,442 to pay its currentaccounts payable and accrued liabilities to arms length contractorsand service providers including transfer agent, legal, miscellaneousadministrative costs, field reconnaissance and drilling costs.
Within the subsequent six months from the closing ofthe Offering, the Company intends to make the following payments toarms’ length parties and vendors:
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up to $12,000 for field contractors and related report;
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up to $4,200 for mineral claimpayments to the Province of Ontario;
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$1,493 in interest expenses and bank charges;
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$2,009 corporate consulting and expenses;
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$34,000 to the Company’s Auditors for 2023 AuditedFinancial Statements and tax consultant;
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$6,000 in legal fees;
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$6,300 in transfer agent, overhead office expenses,telephone and website;
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up to $30,000 allocated for future public relationspromotions and IR, subject to TSXV filings and acceptance, if as andwhen such providers are identified by the Company;
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$8,000 for an Annual General Meeting of Shareholders;and
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$9,000 for TSXV annual sustaining fees and filing feesfor the Offering and sundry matters.
Within the subsequent six months from closing, theCompany shall make the following payments to non-arms’ lengthparties:
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$500 per month to one director for a six month total ofup to $3,500;
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monthly fees to senior officers of the Company for upto a total of $17,500; and
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CFO, accounting services, and office expense of up to atotal of $23,300.
The proceeds’ balance of $59,163 is anticipated to beallocated towards the Company’s unallocated operating capital.
The securities issued pursuant to the Offering have not, nor will theybe registered under the United States Securities Act of 1933, asamended, and may not be offered or sold within the United States orto, or for the account or benefit of, U.S. persons in the absence ofU.S. registration or an applicable exemption from the U.S.registration requirements. This news release shall not constitute anoffer to sell or the solicitation of an offer to buy nor shall therebe any sale of the securities in the United States or in any otherjurisdiction in which such offer, solicitation or sale would beunlawful.
Appointment of Director and InterimCFO
The Company would also like to announce the appointmentof Ryan Torres to the board of directors following the resignation ofMark Lofthouse. Mr. Torres will also be appointed as Interim CFOreplacing Matthew Anderson as CFO.
Mr. Torres has over 20 years of sales experiencefocused on mid to conglomerate level companies. With a proven recordof success in various high-level sales positions in Canada, Mr. Torresbrings a wealth of experience and expertise to his role as director.With a keen understanding of market dynamics and a passion forbuilding high-performing teams, Mr. Torres is eager to take on therole. His strong commitment to customer-based satisfaction and hisability to navigate complex business transaction make him a valuableasset to the organization's future. Through his sales, branding andstrategic planning experience in the technology, telecommunications,manufacturing and automotive industries, he has gained a broad networkof key contacts to accelerate the company's opportunities.
The Company would like to thank Mr. Lofthouse and Mr.Anderson for their time with the Company and wishes them well in theirfuture endeavours.
About RT Minerals Corp. RTM isa junior exploration company listed on the TSX Venture Exchange underthe symbol “RTM”. The Company holds a 100% interest, largelyroyalty-free, in a portfolio of 12 rare earth element, gold and basemetal properties in Ontario, Canada. The most prominent propertiesare:
Nordica Property (Cu, Ni, Co,Cr, Pt, Pd, V, Se) is 100% owned by RTM. It is comprised of 34 claimsin Nordica Township that cover the ultramafic layered NordicaIntrusive Complex in the Abitibi Greenstone Belt, within the SuperiorProvince, 60 km southeast of Timmins, Ontario. Nordica is prospectivefor copper, nickel, cobalt, chromium, platinum, palladium, Vanadiumand Selenium mineralization. Previous exploration activity on theNordica property has encountered Cu grading up to 0.292% (rock-grabsamples), Ni up to 0.24% in drill core over 1.0 m, Co up to 614ppm(outcrop), Cr up to 17.7% (grab-rock sample) and Pd up to 1.2ppb(outcrop chip and drill core over 3 1.0m)(MNDM files OFR 6102). Thereis a 2.5% NSR on all RTM Nordica claims.
Case Batholith Group 1 and 190 ClaimStaking (Rare Earth Element) consists of 90 claims covering theCase Batholith centered on Heighington Township, 85 km northeast ofCochrane, Ontario. The Case Batholith properties are 100% owned androyalty free. The properties occur within the boundaries of the CaseBatholith and are specifically located in Heighington, Kenning,Sequin, and Case Townships. Five properties are situated 12 km northof the Power Metals Case Lake lithium/cesium discovery in SteelTownship. The 190 newly staked claims adjoin Power Metals and BeyondLithium land holdings located in the southeastern portion of the CaseBatholith.
Case Batholith Group 2 (RareEarth Element) consists of four properties (113 claim blocks) that are100% owned and certain of the claims are subject to a 2% NSR royalty,within the boundaries of the Case Batholith in northern Ontario. Thefour properties are in Agassiz township (29 claims), Potter township(51 claims), Seguin/Challies township (14 claims) and Bragg township(19 claims), Ontario. Substantially all the claim blocks have beenacquired based on magnetic signatures resembling east - west trendingpegmatitic dykes and laccolith structures contained within thetonalite/granodiorite rock assemblages of the Case Batholith.
Ireland Property (Rare EarthElement) is a royalty free 52 claim block covering an inferredcarbonatite complex (the “Ireland Complex”) located in IrelandTownship, 45 km northeast of Smooth Rock Falls, Ontario. The IrelandComplex is 100% owned by RTM and is approximately 4.0 km long, 2.8 kmwide, oval shaped and is positioned along a southern extensional splayfault contained within the Kapuskasing Structural Trend. TheKapuskasing Structural Trend contains several well documentedcarbonatite complexes that contain Niobium, Iron, Titanium and RareEarth Element resources within various assemblages of carbonatiterocks.
Kenogaming, Pharand I and Pharand IIProperties (Ni, Cr, Co) consists of 38 claim blocks that are100% owned with 32 claims royalty free and 6 claims subject to a 2%NSR royalty. The properties are situated in Kenogaming and PharandTownships in the Northern Swayze Greenstone Belt, located within theAbitibi sub-province of the Superior Province, southwest of Timmins,Ontario. The Properties are located within the Hanrahan assemblagewhich is confined to the southeastern part of the Northern SwayzeGreenstone Belt. Cumulate ultramafic bodies are the specific targetscomprising the Kenogaming, Pharand I and Pharand II prospects. In1979, previous operators tested a strong magnetic anomaly with a184.5m long diamond drill hole, which intersected up to 0.25% nickelin carbonated and serpentinized cumulate ultramafic with interbeds ofchlorite and talc alteration over a 3.0m section at the bottom of thehole.
For more information on the Company please visit the company’swebsite at www.rtmcorp.com .
On behalf of the Board and for further information contact:
Mr. William Elston, President, CEO,Director
RT Minerals Corp.
Neither the TSX Venture Exchange norits Regulation Service Provider (as the term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy of accuracy of this news release. Forward-Looking Statements:This news release contains certain forward-looking statements, whichrelate to future events or future performance and reflectmanagement’s current expectations and assumptions. Suchforward-looking statements reflect management’s current beliefs andare based on assumptions made by and information currently availableto the Company. Readers are cautioned that these forward-lookingstatements are neither promises nor guarantees, and are subject torisks and uncertainties that may cause future results to differmaterially from those expected including, but not limited to, marketconditions, availability of financing, actual results of theCompany’s exploration and other activities, environmental risks,future metal prices, operating risks, accidents, labor issues, delaysin obtaining governmental approvals and permits, and other risks inthe mining industry. All the forward-looking statements made in thisnews release are qualified by these cautionary statements and those inour continuous disclosure filings available on SEDAR at www.sedar.com.These forward-looking statements are made as of the date hereof andthe Company does not assume any obligation to update or revise them toreflect new events or circumstances save as required by applicablelaw.
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