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Rockland Closes Financing
For Immediate Release. Vancouver, British Columbia, April 29, 2011: Rockland Minerals Corp. (TSX Venture: RL) (the “Company”) is pleased to announce that in furtherance to its news release dated April 7, 2011, it has completed a brokered private placement (the “Offering”) for gross proceeds of $1,197,699 through the sale of 1,848,333 units (each, a “Unit”) at a price of $0.15 per Unit and the sale of 5,414,411 flow-through units (each, a “FT Unit”) at a price of $0.17 per FT Unit. Each Unit consists of one common share in the capital of the Company (each, a “Share”), and one-half of one Share purchase warrant (each, a “Unit Warrant”). Each Unit Warrant entitles the holder thereof to purchase one additional Share at a price of $0.26 per Share for a period of 18 months from the date of the issuance of such Unit Warrant. Each FT Unit consists of one Share issued on a flow-through basis under the Income Tax Act (Canada) and one-half of one Share purchase warrant (each, a “FT Unit Warrant”). Each FT Unit Warrant entitles the holder thereof to purchase one additional Share at a price of $0.28 per Share for a period of 18 months from the date of the issuance of such FT Unit Warrant.
All gross proceeds derived from the Company’s issuance and sale of the FT Units will be used for ongoing exploration at the Company’s Retty Lake Cu-Ni-PGM property and Schefferville Gold property in Québec, in accordance with all applicable tax laws and regulations.
Kingsdale Capital Markets Inc. (the “Agent”) acted as agent to the Company for the Offering. In connection with the closing of the Offering, the Agent and the selling group were issued an aggregate of 553,019 broker’s warrants (each, a “Broker’s Warrant”). Each Broker’s Warrant may be exercised into one Unit at an exercise price of $0.26.
All securities to be issued pursuant to this Offering are subject to a four-month hold period end. The closing of the Offering has been effected with the conditional acceptance by the TSX Venture Exchange.
Rockland Minerals Corp.
Rav Mlait, MBA
President & CEO
Telephone: (604) 551-7831
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding certain matters related to the Offering. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, and in this news release includes but is not limited to the statement that the gross proceeds from the issuance and sale of FT Units will be used for ongoing exploration at the Company’s Schefferville Gold property and Retty Lake Cu-Ni-PGM property in Québec. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, and (2) inability to obtain final TSX Venture Exchange approval for any reason whatsoever. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the “Risks and Uncertainties” section in the Company’s MD&A filed with Canadian securities regulators.
NEITHER THE 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.