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RT Minerals Corp. closes Private Placement

Oct 12, 2017 @ 08:50

RT Minerals Corp. announces that, further to its news release of September 8, 2017, the Company has closed a private placement to raise gross proceeds of $383,090. The Company raised $230,000 through the sale of 4,600,000 non flow-through units priced at $0.05  and $153,090 through the sale of 2,187,000 flow-through units priced at $0.07. Each NFT Unit consists of one common share and one share purchase warrant exercisable into one further common share at a price of $0.07 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 $0.07 for a term of one year.

Insiders purchased 700,000 NFT Units.

All securities issued in the private placement are subject to a hold period expiring February 12, 2018.

A 10% commission comprised of $2,500 cash and 50,000 common shares at $0.05 per share will be paid to registered representatives on $50,000 of the Offering.

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 Norwalk gold property located near Wawa, Ontario. The proceeds from the sale of the non flow-through portion of the Offering will be used for general working capital.

The Phase I drill program on the Norwalk property announced on September 7, 2017 is now complete. The Company continues to conduct additional sampling on historical workings on the property. The drilling and sampling results will be forthcoming shortly.

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;

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 Surluga property; 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.

 

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