ROVER METALS ANNOUNCES AND ARRANGES $0.08 UNIT FINANCING
Vancouver, British Columbia – (June 23, 2023) – 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 $300,000 and a maximum of $1,250,000. 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 1⁄2) years. Assuming the financing is fully subscribed, there will be up to 15,625,000 common shares and 15,625,000 common share purchase warrants issued in connection with this financing, plus any finder’s commission warrants.
Further to the above announcement, Rover has received orders for $500,000 and has also received approval from the Toronto Venture Exchange (the “TSXV”) to close the first tranche of the Unit financing for gross proceeds of $500,000 (the “First Closing”). The Company will issue of 6,250,000 common shares and 6,250,000 warrants. Finders’ commissions are being paid in connection with the First Closing in the amount of cash commissions of $30,000 and finders’ warrants of 375,000. The finder’s warrants will have an exercise price of $0.12 and a useful life of two and half (2 1⁄2) years. The shares and warrants issued under the First Closing will bear the minimum four-month regulatory hold period from the date of issuance.
The financing is being led by experienced lithium investors from Europe and Australia.
An updating release will be provided once the Company has completed any future closings of the Unit financing, including receipt of final acceptance from the TSXV for the financing.
Use of Proceeds
The proceeds from the First Closing will be used for Phase 2 Exploration Drilling at the Company’s Let’s Go Lithium project located in Southwest Nevada.
About Rover Metals
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. Rover is currently focussed on the development of a claystone lithium project in southwest Nevada, USA. Plans for 2023 include a reverse circulation drill program at the Let’s Go Lithium project.