Vancouver, BC -- Roughrider Exploration Limited (TSX-V: REL) ("Roughrider" or the "Company") is pleased to announce that due to strong investor demand, it has increased its previously announced non-brokered private placement (the "Offering") (see news release dated July 14, 2020) from 5,000,000 units of the Company at a price of $0.20 per unit (the "Units") for gross proceeds of $1,000,000 to up to 9,000,000 Units for gross proceeds of $1,800,000, Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant with each whole warrant entitling the holder to acquire an additional common share of the Company at an exercise price of $0.30 per share with an expiry date of 24 months from completion of the Offering. There is an accelerator provision which is the same as announced on July 14, 2020.
Adam Travis, CEO and Director comments: "We are pleased with the strong investor support that we have received, and I would like to thank our team and strong shareholder base. It is also a testament to the strength of our recent acquisition of the Empire Mine property. I would strongly encourage everyone to view our Empire Mine Property- Rediscovering the historical Empire and Benson Lake Mines presentation that is available on our website."
The Company may pay finders fees in accordance with the rules and policies of the TSX Venture Exchange (the "Exchange"). The Offering remains subject to the approval of the Exchange. All securities issued in the Offering will be subject to a statutory hold period of four months and a day from the Closing Date of the Offering.
The proceeds raised by the Company pursuant to the Offering will be used for working capital purposes and for exploration work on the Company's mineral properties.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Roughrider Exploration Limited
Roughrider's current exploration focus is on the Empire Mine property, which it signed a Binding LOI on June 21, 2020. The Empire Mine property is located on Northern Vancouver Island, B.C. and covers three past producing open pit mines and two past producing underground mines for magnetite, copper, gold and silver. Roughrider's other properties include its 100% owned Eldorado, Gin and Bonanza properties located in the Golden Triangle of Northern B.C. which are adjacent to the Red Chris Mine as well as its 100% Sterling property which is located in Central B.C. Management is also continuously reviewing strategic precious metals opportunities in Western North America.
On Behalf of the Board of Directors:
Adam Travis, Chief Executive Officer and Director
For further information, please contact:
Roughrider Exploration Limited
Adam Travis, CEO
625 Howe Street, Suite 420
Vancouver, B.C. V6C 2T6, Canada
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information regarding the proposed Transaction, private placement, board and management changes, as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by Roughrider, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although Roughrider believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.