RooGold Closes Second Tranche of Private Placement

Rhea-AI Summary

RooGold Inc. has successfully closed a second tranche of its non-brokered private placement, issuing 2,399,500 Units at $0.25 per unit, raising $599,875. Each unit includes a Common Share and a half Warrant, allowing additional shares to be purchased at $0.40 for two years. Funds will support phase 1 exploration of RooGold's Australian properties and general working capital. The company engaged Stockhouse for a 12-month investor awareness program at $120,000. RooGold is focused on mineral exploration in New South Wales, holding a portfolio of 13 high-grade properties.

Positive

• Raised $599,875 through the second tranche of a private placement.
• Engaged Stockhouse for investor awareness, reaching over 1 million unique investors monthly.
• Exploration funds allocated for high-grade gold and silver properties in Australia.

Negative

• The engagement with Stockhouse for $120,000 could strain resources if it doesn't yield substantial investor interest.

VANCOUVER, BC / ACCESSWIRE / January 20, 2022 / (CSE:ROO)(OTC PINK:JNCCF)(Frankfurt:5VHA) - Further to its October 4, 2021 news release, RooGold Inc. (" RooGold " or the " Issuer ") announces that it has closed a second tranche of its previously announced Non-Brokered Unit Private Placement, on a post-Consolidation basis, by issuing 2,399,500 Units at $0.25 per Unit and raising $599,875.00. Each Unit consists of a Common Share and a half (1/2) a Common Share Purchase Warrant, each whole Warrant entitling the holder to purchase an additional Common Share at $0.40 per Share for a two year period from Closing. The term of the Warrants is subject to an Accelerator Clause that the Issuer can elect to trigger if the Issuer's Share price trades above $0.50 for 30 consecutive trading days.

The net proceeds from the Private Placement, together with the net proceeds from the first tranche closing of $2,632,500, will be used for phase 1 exploration of RooGold's Australian properties acquired from Southern Precious Metals Ltd. (see Aug. 19, 2021 news release), investor relations & marketing, as a reserve for exploration of its conditionally acquired Australian properties from 1267248 B.C. Ltd. (formerly, RooGold Inc.), and Aussie Precious Metals Corp, and for working capital.

In connection with the Private Placement, Foundation Markets Inc. received Finder's Fees of $28,390 and 69,760 Finders' Warrants, each Finder's Warrant entitling the holder to purchase a Common Share at $0.32 for a two year period. The term of the Finder's Warrants is subject to an Accelerator Clause that the Issuer can elect to trigger if RooGold's shares trade above $0.50 for 30 consecutive trading days.

The Units are subject to a statutory restricted trading period expiring on May 21, 2022.

Market Awareness Engagement

RooGold also would like to announce that it has engaged Stockhouse Publishing Ltd. (" Stockhouse "), which owns a streaming platform with one of the largest communities of retail investors in North America, to provide investor awareness and digital media communication services to the Company. Under the terms of the engagement, Stockhouse has been retained for a 12-month period at $120,000.00. Stockhouse records on average over 1 million unique investors per month, with over 400,000 registered members.

About ROOGOLD

ROOGOLD is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of highly mineralized precious metals properties in this prolific region of Australia. Through its acquisition of Southern Precious Metals Ltd., 1267248 B.C. Ltd. (formerly, RooGold Inc.) and Aussie Precious Metals Corp. properties, RooGold commands a portfolio of 13 high-grade potential gold (9) and silver (4) concessions covering 1,380 km2 which is home to 137 historic mines and prospects.

For further information please contact:

Michael Mulberry
T: 778-855-5001
info@roogoldinc.com

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.

Although the Issuer believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: RooGold Inc.

View source version on accesswire.com:
https://www.accesswire.com/684755/RooGold-Closes-Second-Tranche-of-Private-Placement

FAQ

What is RooGold's stock symbol?

RooGold's stock symbol is JNCCF.

How much capital did RooGold raise in its second tranche?

RooGold raised $599,875 in its second tranche of the private placement.

What will the proceeds from RooGold's private placement be used for?

The proceeds will be used for phase 1 exploration of Australian properties, investor relations, and working capital.

Who has RooGold engaged for investor communication services?

RooGold has engaged Stockhouse Publishing Ltd. for investor awareness and digital media services.

What is the term of the warrants issued to investors in RooGold's private placement?

The warrants allow the purchase of additional shares at $0.40 each for a period of two years.