Codelco copper output misses November target, document shows
The miner's output was 3% lower than expected.
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2023) - Rome Resources Ltd. (TSXV: RMR) (FSE: 33R) ("Rome" or the "Company") is pleased to announce that further to the Company's January 6, 2023 news release, it has closed a non-brokered private placement (the "Private Placement") pursuant to which it has issued 10,000,000 common shares (each, a "Share" and collectively the "Shares") in the capital of the Company at a price of $0.20 per Share to raise aggregate gross proceeds of $2,000,000. The Private Placement is subject to the final approval of the TSX Venture Exchange. All Shares issued in connection with the Private Placement are restricted from trading until June 11, 2023. Proceeds from the Private Placement will be used for exploration on the Company's Bisie North Tin Project and for working capital.
An insider of the Company participated in the Private Placement and purchased a total of 2,225,000 Shares at $0.20/share for a total investment of $445,000. The participation by such insider is considered a "related-party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related party, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).
The Company did not file a material change report more than 21 days before the expected closing of the Private Placement as the date of closing was not previously known.
About Rome Resources
Rome Resources Ltd. is a mineral exploration company that has entered into two option agreements to acquire 51% direct and indirect interests in two contiguous properties situated in the Walikale District of the North Kivu Province in eastern DRC, which are collectively referred to as the "Bisie North Tin Project." Rome intends to fund exploration on the project up to the completion of a definitive feasibility study.
For further information, please contact:
Dr. Georg SchnuraPresident, CEO and DirectorTelephone: (604) 687-6140Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements
The information in this news release may include certain information and statements about management's view of future events, expectations, plans and prospects that may constitute forward-looking statements. Forward-looking statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although Rome Resources Ltd believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Rome Resources Ltd disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Not for distribution to United States newswire services or for dissemination in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154601
