VANCOUVER, British Columbia - December 12, 2017 (Investorideas.com Newswire) Rockridge Gold Ltd. (TSX-V:ROCK) (the "Company") is pleased to announce that it has completed its initial public offering ("IPO") of 4,000,000 common shares, at a price of $0.20 per share (the "Issue Price"), for aggregate gross proceeds of $800,000. The TSX Venture Exchange (the "TSXV") has accepted the Company's listing application as of December 11, 2017 (the "Listing Date") and the Company's common shares (the "Shares") are expected to commence trading on the TSXV on or about December 14, 2017 under the trading symbol "ROCK".
Canaccord Genuity Corp. (the "Agent") acted as exclusive agent in respect of the IPO on a commercially reasonable efforts basis. The IPO consisted of the distribution of 4,000,000 Shares at the Issue Price under the base offering, as well as the exercise in part of the Agent's option to sell up to an additional 400,000 Shares at the Issue Price, for an aggregate of 4,201,000 Shares subscribed for at the Issue Price under the IPO. Pursuant to the IPO, the Agent received a cash commission and an aggregate of 294,070 non-transferable common share purchase warrants (the "Agent's Warrants") entitling the Agent and members of its selling group to purchase 294,070 Shares at the Issue Price per Share at any time until December 12, 2019. The Agent also received a corporate finance fee.
The net proceeds of the IPO will primarily be used to fund the acquisition of and exploration expenditures on the mineral claims in the Raney Township, Porcupine Mining District in the Province of Ontario (the "Raney Property") which the Company has under option from 1082545 B.C. Ltd., as well as general and administrative costs for the next twelve months, and for general working capital requirements.
As a result of the closing of the IPO, the Company now has 12,701,001 Shares issued and outstanding, of which 4,500,001 Shares are subject to escrow, to be released 10% on the Listing Date with an additional 15% released every six months over a 36-month period.
Additional information on the Company, the IPO and the Raney Property, can be found in the Company's amended and restated final long form prospectus dated September 13, 2017 as filed on SEDAR at www.sedar.com.
About Rockridge Gold Ltd.:
Rockridge is a new public mineral exploration company focused on the acquisition, exploration and development of mineral resource properties in Canada. The Company's first project and its core asset is the Raney Property located in Raney Township, Porcupine Mining District, Ontario, on which it has an option to acquire a 100% interest and title to.
Jordan Trimble, Chief Executive Officer
This press release contains "forward‐looking information" within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to the date of first trading in the Company's Shares and its future business plans. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, fluctuations in metal and commodity prices, market prices, failure to obtain permits, and continued availability of capital and financing, and general economic, market or business conditions. In particular, there is no guarantee that exploration work, as proposed, or otherwise, will be completed on the Property. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the Company's amended and restated final long form prospectus dated September 13, 2017 and filed under the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: https://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.