RTM - RT Minerals Corp. Proposes Share Consolidation and Financing
(TheNewswire)
Vancouver, BC - TheNewswire - February 6, 2023 - RT Minerals Corp. (TSXV:RTM) (OTC:RTMFF) (the “ Company ” or “ RTM ”) announcesthat by a resolution of the Board of Directors of the Company passedeffective February 3, 2023, the directors are authorized toconsolidate the issued and outstanding common shares of the Company ona basis of one (1) new common share for every ten (10) existing commonshares (the “Share Consolidation”). Currently, there are60,044,654 common shares issued and outstanding and following theShare Consolidation, 6,004,465 common shares will be issued andoutstanding. It is anticipated that the Share Consolidation will beimplemented as soon as practicable.
The Board of Directors is proceeding with the ShareConsolidation on the basis that it will provide the Company withincreased flexibility to seek additional financing opportunities. TheShare Consolidation is subject to the acceptance of the TSX VentureExchange (“TSXV”). The Company’s name and stock symbol willremain unchanged following the Share Consolidation.
The Company proposes to raise up to $450,000 by way ofnon-brokered private placement(s) following completion of the ShareConsolidation. The terms and conditions of the financing will beannounced at that time in accordance with the policies and subject tothe approval of the TSXV. The proceeds from the financing will be usedto pay outstanding trade payables, general working capital, as well ascompleting initial prioritization of exploration targets and programson the Company’s portfolio of rare earth element and gold propertiesin Ontario, Canada.
About RT Minerals Corp.
RT Minerals Corp. is a junior exploration company listed on the TSXVenture Exchange under the symbol “RTM”. The Company holds a 100%royalty-free interest in a portfolio of rare earth element, gold andbase metal properties in Ontario: the Ireland, Milligan, Blakelock,McQuibban and Timmins properties. The Company also holds an option toacquire a 100% interest in the Link-Catharine RLDZ gold propertylocated 22 km south-southeast of the town of Kirkland Lake, Ontario.
Ireland Property (Rare EarthElement) is a royalty free 52 claim block (421 Ha) covering aninferred carbonatite complex (the “Ireland Complex”) located inIreland Township, 45 km northeast of Smooth Rock Falls, Ontario. TheIreland Complex is 100% owned by RTM and is approximately 4.0 km long,2.8 km wide, oval shaped and is positioned along a southernextensional splay fault contained within the Kapuskasing StructuralTrend. The Kapuskasing Structural Trend contains several welldocumented carbonatite complexes that contain Niobium, Iron, Titaniumand Rare Earth Element resources within various assemblages ofcarbonatite rocks.
Link-Catharine RLDZ Property(Gold) is comprised of fifteen unpatented single cell miningclaims with a total area of 220 hectares in one claim block. TheLink-Catharine property is located 22 km south-southeast of the townof Kirkland Lake, Ontario. RTM has an option to earn a 100% interestin this property subject to a 2% NSR.
Milligan Property (Gold) is a royalty free 16-claim block (129 Ha) locatedapproximately 75 km northeast of Timmins, Ontario, and is 100% ownedby RTM. The Milligan property covers the southeast extension of thevolcanic stratigraphy hosting the Eastford Lake gold discovery of142.2 g/t Au over 3.0 m announced by Explor Resources in2009 1 .
Blakelock Property (Gold) is a royalty free 9-claim block (73 Ha) locatedapproximately 75 km northeast of Cochrane, Ontario, and is 100% ownedby RTM. The property is host to a massive east-west trending magnetichigh intrusive complex that was subject to limited drilling in1967.
Mcquibban Property (Gold) is a royalty free 19-claim block (153 Ha) locatedapproximately 50 km north of Cochrane, Ontario, and is 100% owned byRTM. The property hosts a strong 3.0 km long east-west trendinginferred oxide facies banded iron formation, in which one historicaldrill hole encountered a gold mineralized interval of 5.47 g/t Au over1.2m.
Timmins Property (Base Metals) is a royalty free 16-claim block (129 Ha) located approximately 50 kmsoutheast of Timmins, Ontario, and is 100% owned by RTM. The propertyfeatures several mineralized fault systems that suggest proximity to abase metal source.
For more information on the Company and its properties, please visitthe Company’s website at www.rtmcorp.com .
FOR FURTHER INFORMATIONCONTACT:
Douglas J. Andrews, B.Sc., M.Sc.
President and Chief Executive Officer
Telephone: 604-681-3170
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 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.
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