RT Minerals Corp. Closes $750,000 Private Placement and Completes Case Batholith and Kenogaming-Pharand Property Acquisitions
Vancouver, April 26, 2023 - RT Minerals Corp. (TSX.V:RTM) (OTC:RTMFD) (the "Company") is pleased to announce that further to its news release of April 4, 2023, the Company has completed a non-brokered private placement to raise gross proceeds of $750,000 (the "Offering") through the sale of 12,500,000 units priced at $0.06 (the "Units"). Each Unit consists of one common share and one-half of a share purchase warrant, with each whole warrant exercisable into one further common share at a price 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 working capital. Finder's fees of $20,918, a corporate finance fee of $2,500 and 348,640 finder's warrants exercisable at $0.08 per common share for a 12 month period were paid on a portion of the Offering. All securities issued are restricted from trading until August 27, 2023.
Insiders of the Company purchased a total of 1,500,000 Units including Douglas Andrews, the President and CEO of the Company, who purchased 1,000,000 units. The participation by Insiders in the Offering constitutes a "related party transaction" for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The Company is relying upon exemptions from the requirement to obtain a formal valuation and seek minority shareholder approval for the Offering on the basis that the fair market value of the participation by related parties in the Offering is less than 25% of the Company's current market capitalization.
Further to the Company's news release of February 28, 2023, the Company has completed the acquisition of 113 claim blocks within the boundaries of the Case Batholith in northern Ontario and 16 claim blocks in the Kenogaming and Pharand Townships pursuant to two separate property acquisition agreements.
In the first agreement, the Company issued 250,000 common shares and paid $4,100 to acquire 100% interest in 94 of the claims, of which the 14 Seguin/Challies Township claims are subject to a 2% net smelter return ("NSR") royalty that the Company may purchase 1% of the NSR for $1,000,000 at any time.
In the second agreement, the Company issued 250,000 common shares and paid $3,000 cash to acquire 100% interest in 51 Potter Township claims, which are subject to a 2% NSR royalty that the Company may purchase 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 TSX Venture Exchange under the symbol "RTM". The Company holds a 100% interest in a portfolio of critical mineral, gold and base metal properties in Ontario, including the Case Batholith group of properties prospective for lithium and cesium; the Ireland property prospective for rare earth elements; the Kenogaming, Pharand I and II properties prospective for nickel, chromium and cobalt; the Milligan, Blakelock and McQuibban gold properties; and the Timmins base metals property. The Company also holds an option to acquire a 100% interest in the Link-Catharine RLDZ gold property located 22 km south-southeast of 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 INFORMATION CONTACT:
Douglas J. Andrews, B.Sc., M.Sc.
President and Chief Executive Officer
Telephone: 403-200-6542
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 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.
