Rupert Resources Closes $28.8 Million Equity Financing

Rhea-AI Summary

Rupert Resources (TSX:RUP) has successfully closed its previously announced "bought deal" public offering, raising $28,749,906.00 in gross proceeds. The company issued 8,030,700 common shares at a price of $3.58 per share, which included the full exercise of the Underwriters' over-allotment option. The offering was conducted by Cormark Securities Inc. and BMO Capital Markets as co-lead underwriters and joint bookrunners, along with Canaccord Genuity Corp.

The offering was completed through a short form prospectus dated July 26, 2024, in several Canadian provinces and in the United States on a private placement basis. Rupert Resources plans to use the net proceeds for on-going exploration expenditures, technical and environmental studies on its properties in Finland, and for general corporate purposes. The offering is subject to final approval from the Toronto Stock Exchange.

Positive

• Successful completion of $28.75 million equity financing
• Full exercise of Underwriters' over-allotment option
• Funds to be used for exploration and studies on Finnish properties

Negative

• Potential dilution of existing shareholders due to new share issuance

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TORONTO--(BUSINESS WIRE)-- Rupert Resources Ltd. (TSX:RUP) (“Rupert” or the “Company”) is pleased to announce that it has closed the previously announced “bought deal” public offering of 8,030,700 common shares in the capital of the Company (the “Shares”) issued at a price of $3.58 per Share for gross proceeds of $28,749,906.00, which included the exercise, in full, of the Underwriters’ over-allotment option (the “Offering”). The Offering was conducted by Cormark Securities Inc. and BMO Capital Markets, as co-lead underwriters and joint bookrunners, and Canaccord Genuity Corp. (collectively, the “Underwriters”).

The Offering was completed pursuant to a short form prospectus dated July 26, 2024 (the “Prospectus”) in British Columbia, Alberta, Ontario, New Brunswick and Newfoundland and Labrador and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and in offshore jurisdictions on a private placement basis as agreed upon by the Company and the Underwriters, in each case in accordance with all applicable laws.

The net proceeds of the Offering will be used for on-going exploration expenditures, technical and environmental studies on the Company’s properties in Finland and for general corporate purposes as set out in the Prospectus.

The Offering remains subject to the final approval of the Toronto Stock Exchange.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

About Rupert

Rupert Resources is a gold exploration and development company listed on the Toronto Stock Exchange under the symbol “RUP”. The Company is focused on making and advancing discoveries of scale and quality with high margin. The Company’s principal focus is Ikkari, a new high quality gold discovery in Northern Finland. Ikkari is part of the Company’s “Rupert Lapland Project” which also includes the Pahtavaara gold mine, mill, and exploration permits.

Cautionary Note Regarding Forward Looking Statements

This press release contains statements which, other than statements of historical fact constitute “forward-looking statements” within the meaning of applicable securities laws. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. This press release contains forward-looking information in a number of places such as in statements relating to the anticipated use of proceeds for the Offering; and the final approval of the Offering from the Toronto Stock Exchange. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis for the year ended February 29, 2024. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240801497341/en/

James Withall

Chief Executive Officer

jwithall@rupertresources.com

Thomas Credland

Head of Corporate Development

tcredland@rupertresources.com

Rupert Resources Ltd

82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1

Tel: +1 416-304-9004

Web: http://rupertresources.com/

Source: Rupert Resources Ltd.

FAQ

How much did Rupert Resources (RUPRF) raise in its recent equity financing?

Rupert Resources raised $28,749,906.00 in gross proceeds through its recent "bought deal" public offering.

What was the price per share for Rupert Resources' (RUPRF) equity offering?

The shares in Rupert Resources' equity offering were issued at a price of $3.58 per share.

How many shares did Rupert Resources (RUPRF) issue in its recent offering?

Rupert Resources issued 8,030,700 common shares in its recent equity offering.

What will Rupert Resources (RUPRF) use the proceeds from the equity financing for?

Rupert Resources will use the net proceeds for on-going exploration expenditures, technical and environmental studies on its properties in Finland, and for general corporate purposes.