RTMFF - RT Minerals Corp. Closes $670100 Private Placement
(TheNewswire)
Vancouver, B.C. – TheNewswire - October 6, 2021 – RT MineralsCorp. (TSXV:RTM) (OTC:RTMFD) (the “Company”) is pleased toannounce that further to its news releases of August 24, 2021 andSeptember 23, 2021, the Company has completed a non-brokered privateplacement to raise gross proceeds of $670,100 (the “Offering”). The Company raised $160,000 through the sale of 3,200,000 nonflow-through units priced at $0.05 (the “NFT Units”). Each NFTUnit consists of one common share and one share purchase warrantexercisable into one further common share at a price of $0.06 for aterm of two years. The Company raised an additional $510,100 throughthe sale of 8,501,666 flow-through units priced at $0.06 (the “FTUnits”). Each FT Unit consists of one flow-through common shareand one share purchase warrant exercisable into one further commonshare at a price of $0.06 for a term of two years.
The proceeds from the sale of the flow-through portion of the Offeringwill be used for exploration activity on the Company’s 100% optionedand/or owned Catharine Properties near Kirkland Lake, Ontario. Theproceeds from the sale of the non-flow-through portion of the Offeringwill be used to pay all contractual obligations owing by the Company,trade payables and for general working capital.
Finders’ fees of $50,008 (8% cash) and 220,133 share purchasewarrants (8% of the number of units sold) were paid on a portion ofthe Offering. The finder’s warrants are exercisable at $0.07 perwarrant for a term of two years.
The spouse of Doug Andrews, a director of the Company, subscribed for333,333 FT Units. Mr. Andrews is considered a “related party”within the meaning of Multilateral Instrument 61-101 Protection ofMinority Security Holders in Special Transactions (“MI 61-101”)and the Offering is therefore considered to be a “related partytransaction” within the meaning of MI 61-101. The Offering,however, is exempt from the valuation requirement of MI 61-101 on thebasis that the fair market value of the participation by relatedparties is less than 25% of the Company's current marketcapitalization.
All securities issued are restricted from trading until February 7,2022.
About RT Minerals Corp.
RT Minerals Corp. is a junior exploration company listed on the TSXVenture Exchange under the symbol “RTM” and has 76,444,654 commonshares issued and outstanding, of which 19,950,000 shares are held inescrow to be released over a three-year period ending July 14, 2024.The Company holds an option to acquire a 100% interest in theLink-Catharine RLDZ gold property comprised of 15 unpatented singlecell mining claims with a total area of 220 hectares in one claimblock, which is contiguous to the Company’s 100% owned 102 sq kmCatharine claim block. The above properties are located approximately22 km SSE of the Town of Kirkland Lake, Ontario. The Company alsoholds 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 FURTHER INFORMATIONCONTACT:
Donald (Dan) M. Clark
Chairman, President and Chief Executive Officer
RT Minerals Corp.
Telephone: 604-681-3170
Fax: 604-681-3552
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 certainforward-looking statements, which relate to future events or futureperformance (including, but not limited to, the overall size of theOffering, the proposed use of proceeds and the expected closing of anytranches thereof) and reflect management’s current expectations andassumptions. Such forward-looking statements reflect management’scurrent beliefs and are based on assumptions made by and informationcurrently available to the Company. Readers are cautioned that theseforward-looking statements are neither promises nor guarantees, andare subject to risks and uncertainties that may cause future resultsto differ materially from those expected including, but not limitedto, market conditions, availability of financing, actual results ofthe Company’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.
THIS NEWS RELEASE, REQUIRED BYAPPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWSSERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOTCONSTITUTE AN OFFER TO SELL SECURITIES AND THE COMPANY IS NOTSOLICITING AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. THESESECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIESACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BEOFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OREXEMPT THEREFROM.
NOT FOR DISTRIBUTION TO UNITEDSTATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITEDSTATES
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