RT Minerals Corp. Closes $670,100 Private Placement
Vancouver, October 6, 2021 - RT Minerals Corp. (TSXV:RTM) (OTC:RTMFD) (the "Company") is pleased to announce that further to its news releases of August 24, 2021 and September 23, 2021, the Company has completed a non-brokered private placement to raise gross proceeds of $670,100 (the "Offering"). The Company raised $160,000 through the sale of 3,200,000 non flow-through units priced at $0.05 (the "NFT Units"). Each NFT Unit consists of one common share and one share purchase warrant exercisable into one further 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 priced at $0.06 (the "FT Units"). Each FT Unit consists of one flow-through common share and one share purchase warrant exercisable into one further 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 Offering will be used for exploration activity on the Company's 100% optioned and/or owned Catharine Properties near Kirkland Lake, Ontario. The proceeds from the sale of the non-flow-through portion of the Offering will 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 purchase warrants (8% of the number of units sold) were paid on a portion of the Offering. The finder's warrants are exercisable at $0.07 per warrant for a term of two years.
The spouse of Doug Andrews, a director of the Company, subscribed for 333,333 FT Units. Mr. Andrews is considered a "related party" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") and the Offering is therefore considered to be a "related party transaction" within the meaning of MI 61-101. The Offering, however, is exempt from the valuation requirement of MI 61-101 on the basis that the fair market value of the participation by related parties is less than 25% of the Company's current market capitalization.
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 TSX Venture Exchange under the symbol "RTM" and has 76,444,654 common shares issued and outstanding, of which 19,950,000 shares are held in escrow to be released over a three-year period ending July 14, 2024. The Company holds an option to acquire a 100% interest in the Link-Catharine RLDZ gold property comprised of 15 unpatented single cell mining claims with a total area of 220 hectares in one claim block, which is contiguous to the Company's 100% owned 102 sq km Catharine claim block. The above properties are located approximately 22 km SSE of the Town of Kirkland Lake, Ontario. The Company also holds 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 INFORMATION CONTACT:
Donald (Dan) M. Clark
Chairman, President and Chief Executive Officer
Telephone: 604-681-3170
Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news 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 proceeds and the expected closing of any tranches thereof) and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor 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, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL SECURITIES AND THE COMPANY IS NOT SOLICITING AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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