RT Minerals Corp. Announces $400,000 Private Placement and Drill Mobilization at Norwalk Property, Wawa, Ontario
Vancouver, British Columbia--(Newsfile Corp. - December 12, 2017) - RT Minerals Corp. (TSXV: RTM) (OTC Pink: RTMFF) (the "Company") announces that it proposes to undertake a private placement to raise gross proceeds of up to $400,000 (the "Offering"). The Company proposes to raise up to $200,000 through the sale of up to 4,000,000 non flow-through units priced at $0.05 (the "NFT Units") and up to $200,000 through the sale of up to 4,000,000 flow-through units priced at $0.05 (the "FT Units"). Each NFT Unit consists of one common share and one share purchase warrant (the "Warrant") exercisable into one further common share at a price of $0.05 for a term of one year. Each FT Unit consists of one flow-through common share and one half of a share purchase warrant, with each whole Warrant exercisable into one further common share at a price of $0.06 for a term of one year.
The Offering will be conducted under available exemptions from the prospectus requirements of applicable securities legislation and participation in the Offering will be available to existing shareholders in qualifying jurisdictions in Canada in accordance with the provisions of BC Instrument 45-354 (the "Existing Shareholder Exemption") and similar provisions in other jurisdictions' securities legislation and will be available to persons in qualifying jurisdictions in Canada who have obtained advice as to the suitability of the investment from a person registered as an investment dealer in accordance with the provisions of BC Instrument 45-536 and similar provisions in other jurisdictions' securities legislation.
The Company has set December 12, 2017 as the record date for the purpose of determining shareholders entitled to participate in the Offering in reliance on the Existing Shareholder Exemption. Qualifying shareholders who wish to participate in the Offering should contact the Company as detailed below. If the Offering is oversubscribed, units will be allocated pro rata amongst all subscribers.
The proceeds from the sale of the flow-through portion of the Offering will be used for drilling of the Red Carbonate Zone ("RCZ") located on the Company's 100% optioned Norwalk gold property located near Wawa, Ontario, as announced on November 27, 2017. Drilling is expected to commence on the RCZ this week and the initial program will consist of up to 5 holes for approximately 500 metres of drilling all targeted on the RCZ.
The proceeds from the sale of the non flow-through portion of the Offering will be used for general working capital.
A finder's and/or administrative fee of up to 10% may be paid to registered representatives in connection with the Offering. The fee will be comprised of 50% cash and 50% common shares at $0.05 per share.
The Offering is subject to the acceptance of the TSX Venture Exchange.
ABOUT RT MINERALS CORP.
RT Minerals Corp. is a junior resource company engaged in the acquisition, exploration and evaluation of primarily gold and diamond properties in Canada. The Company's principal mineral properties include:
Ballard Lake Property - 366 square kilometre (~141 square mile) diamond and gold property located approximately 50 kilometres northeast of Wawa, Ontario, in which the Company owns a 100% interest, subject to a 2% net smelter royalty;
Norwalk Property - Gold property located approximately 6 kilometres south of Wawa, Ontario, in which the Company has an option to earn a 100% interest, subject to a 2% net smelter royalty. The property is contiguous to the southern border of Red Pine's Wawa Gold Project;
Dill River Property - Gold property located several kilometres southeast of Wawa, Ontario, in which the Company has an option to earn a 100% interest, subject to a 2% net smelter royalty. The property is contiguous to the eastern border of Red Pine's Wawa Gold Project;
Golden Reed Mine Property - Gold property located 6 kilometres southeast of Wawa, Ontario, in which the Company has an option to earn a 100% interest, subject to a 2% net smelter royalty. The property is staked within Red Pine's Wawa Gold Project; and
Dog Lake Property - Gold property located 59 kilometres northeast of Wawa, Ontario, in which the Company owns a 100% interest, subject to a 2% net smelter royalty.
The Company's common shares are listed on the TSX Venture Exchange under the symbol "RTM" and on the OTC Pink Market under the symbol "RTMFF" with DTC eligibility for trading in the United States.
For more information on the Company and its properties, please visit the Company's website at www.rtmcorp.com.
FOR FURTHER INFORMATION CONTACT:
Paul Antoniazzi
President and Chief Executive Officer
RT Minerals Corp.
Toll Free: 877-581-3170
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.