Rackla Metals announces $1.2 million non-brokered private placement
Vancouver, October 23, 2024 - Rackla Metals Inc. (TSX-V: RAK) (the "Company ") is pleased to announce that it proposes to complete a non-brokered private placement to raise proceeds of $1.2 million (the "Offering"). The Offering will be a hard-dollar shares-only financing at a price of $0.12 per share, a significant premium to the present share price. The Offering is being subscribed by one investor, Mr. Alejandro Gubbins Cox, who presently owns approximately 9.9% of the issued shares of the Company. This additional investment will increase Mr. Gubbins' shareholding in the Company to 18.4%.
The Offering proceeds will be added to the Company's present working capital of $2.4 million. Management proposes to use its working capital for conducting exploration and drilling on the Company's Tombstone Gold Belt properties in the Northwest Territories and for continuing investigations of additional mineral properties within the Belt, as well as for general working capital and corporate purposes.
The closing of the Offering is subject to approval of the TSX Venture Exchange.
About Rackla
Rackla Metals Inc. (TSX-V: RAK) is a Vancouver, Canada based junior gold exploration company. The Company is targeting Reduced Intrusion-Related Gold Systems (RIRGS) mineralization on the southeastern part of the Tombstone Gold Belt in eastern Yukon and western Northwest Territories. Management believes that this area, which is underexplored for RIRGS deposit types, has the potential to be the next frontier for their discovery.
ON BEHALF OF THE BOARD
Simon Ridgway,
CEO and Director
Tel: (604) 801-5432; Fax: (604) 662-8829
Email: info@goldgroup.com
Website: www.racklametals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, statements about the Offering including the receipt of stock exchange approval of the Offering and the intended use of proceeds from the Offering; the Company's future exploration activities; and general business and economic conditions. Often, but not always, these forward looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, whether stock exchange approval to the Offering will be obtained and the Offering will be completed as planned; whether the Offering proceeds will be spent as intended; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company's quarterly and annual filings with securities regulators and available under the Company's profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that stock exchange approval of the Offering will be obtained and the Offering completed as planned; that the Offering proceeds will be spent as intended; that the Company's stated goals and planned exploration activities at its properties will be achieved; that there will be no material adverse change affecting the Company, its properties or its securities; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
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