Vancouver, BC, January 5, 2016 -- Roughrider Exploration Limited (TSX-V: REL) ("Roughrider" or the "Company") -- is pleased to announce it has closed the final tranche of its previously announced non-brokered private placement (the "Private Placement).
On December 30, 2016, the Company completed a first tranche closing comprised of 5,101,000 flow-through units (the "FT Units") at a price of $0.06 per FT Unit for aggregate proceeds of $306,060 and of 5,150,000 non-flow-through common shares (the "Non-FT Shares") at a price of $0.05 per Non-FT Share for aggregate proceeds of $257,500.
Under this final tranche, the Company has issued 200,000 additional Non-FT Shares at a price of $0.05 per Non-FT Share for proceeds of $10,000, for aggregate proceeds of $573,560 under both tranches of the Private Placement.
The proceeds of the Private Placement will be used for debt settlement as well as for general working capital purposes and further work on Roughrider's Genesis uranium project. All the securities issued under the Private Placement are subject to a hold period expiring four months and one day from the date of issuance.
About Roughrider Exploration Limited
Roughrider's focus is exploring the 131,412 hectare (324,728 acre) Genesis uranium project located in the Wollaston-Mudjatik geological trend extending northeast from Saskatchewan's Athabasca Basin. Roughrider has the option to earn an 85% interest in Genesis from Kivalliq Energy Corporation.
For further information, please contact:
Chief Executive Officer
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information 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 the company, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although the Company 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.
UNITED STATES ADVISORY
The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), have been offered and sold outside the United States to eligible investors pursuant to Regulation S promulgated under the U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. Hedging transactions involving the securities must not be conducted unless in accordance with the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in the state in the United States in which such offer, solicitation or sale would be unlawful.