ROVER METALS ANNOUNCES AND ARRANGES $0.08 UNIT FINANCING
Vancouver, British Columbia – (November 16, 2022) – Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce a non-brokered private placement financing for a minimum of $350,000 and a maximum of $800,000. The Company will issue $0.08 units. Each unit is priced at $0.08 and is comprised of one common share and one common share purchase warrant (the “Units”). The warrants on the Units have an exercise price of $0.12 per warrant share, and a life of two and half (2 ½) years. Assuming the financing is fully subscribed, there will be up to 10,000,000 common shares and 10,000,000 common share purchase warrants issued in connection with this financing, plus any finder’s commission warrants.
Further to the above announcement, Rover has also now received approval from the Toronto Venture Exchange (TSXV) to close the first tranche of the Unit financing for gross proceeds of $376,000 (the “First Closing”). The Company will issue of 4,700,000 common shares and 4,700,000 warrants. Finders’ commissions are being paid in connection with the First Closing in the amount of cash commissions of $13,312.50 and finders’ warrants of 266,250. The finder’s warrants will have an exercise price of $0.12 and a useful life of two and half (2 ½) years. The shares and warrants issued under the First Closing will bear the minimum four-month regulatory hold period from the date of issuance.
An updating release will be provided once the Company has completed the Unit financing.
Shares for Services Agreement
The TSXV has also approved a common shares for services issuance pursuant to a previously approved consulting agreement with one of the Company’s former arm’s length advisors. Services in the amount of $22,500 for the three-month period from July 1, 2022 to September 30, 2022 will be paid through the issuance of 187,500 common shares at a deemed price of $0.12 per share. The arm’s length advisory agreement expired effective September 30, 2022. The shares will bear the minimum four-month regulatory hold period from the date of issuance.