(TheNewswire)
Vancouver, BC – TheNewswire - April 26, 2023 - RT Minerals Corp. (TSX.V:RTM) (OTC:RTMFD) (the“ Company ”) is pleased toannounce that further to its news release of April 4, 2023, theCompany has completed a non-brokered private placement to raise grossproceeds of $750,000 (the “Offering”) through the sale of12,500,000 units priced at $0.06 (the “Units”). Each Unit consistsof one common share and one-half of a share purchase warrant, witheach whole warrant exercisable into one further common share at aprice of $0.08 for a term of twelve months.
The proceeds from the Offering will be used to pay trade payables,existing liabilities, exploration work and for general workingcapital. Finder’s fees of $20,918, a corporate finance fee of $2,500and 348,640 finder’s warrants exercisable at $0.08 per common sharefor a 12 month period were paid on a portion of the Offering. Allsecurities issued are restricted from trading until August 27, 2023.
Insiders of the Company purchased a total of 1,500,000 Units includingDouglas Andrews, the President and CEO of the Company, who purchased1,000,000 units. The participation by Insiders in the Offeringconstitutes a “related party transaction” for the purposes ofMultilateral Instrument 61-101, Protection of Minority SecurityHolders in Special Transactions. The Company is relying uponexemptions from the requirement to obtain a formal valuation and seekminority shareholder approval for the Offering on the basis that thefair market value of the participation by related parties in theOffering is less than 25% of the Company’s current marketcapitalization.
Further to the Company’s news release of February 28, 2023, theCompany has completed the acquisition of 113 claim blocks within theboundaries of the Case Batholith in northern Ontario and 16 claimblocks in the Kenogaming and Pharand Townships pursuant to twoseparate property acquisition agreements.
In the first agreement, the Company issued 250,000 common shares andpaid $4,100 to acquire 100% interest in 94 of the claims, of which the14 Seguin/Challies Township claims are subject to a 2% net smelterreturn (“NSR”) royalty that the Company may purchase 1% of the NSRfor $1,000,000 at any time.
In the second agreement, the Company issued 250,000 common shares andpaid $3,000 cash to acquire 100% interest in 51 Potter Townshipclaims, which are subject to a 2% NSR royalty that the Company maypurchase 1% of the NSR for $1,000,000 at any time.
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%interest in a portfolio of critical mineral, gold and base metalproperties in Ontario, including the Case Batholith group ofproperties prospective for lithium and cesium; the Ireland propertyprospective for rare earth elements; the Kenogaming, Pharand I and IIproperties prospective for nickel, chromium and cobalt; the Milligan,Blakelock and McQuibban gold properties; and the Timmins base metalsproperty. The Company also holds an option to acquire a 100% interestin the Link-Catharine RLDZ gold property located 22 km south-southeastof the town of Kirkland Lake, Ontario.
For more information on the Company and its properties,please visit the Company’s website at www.rtmcorp.com .
FOR FURTHER INFORMATIONCONTACT:
Douglas J. Andrews, B.Sc., M.Sc.
President and Chief Executive Officer
Telephone: 403-200-6542
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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