On October 21, 2024, RJK Explorations Ltd. (TSXV: RJX.A) announced an increase in the size of its previously disclosed non-brokered private placement. The new Offering will aim to raise up to $425,000 in aggregate gross proceeds by selling units of the Company at a price of $0.035 per unit. Each unit will consist of one Common Share and one Warrant, allowing the holder to acquire one Common Share at an exercise price of $0.07 within five years from the date of issuance.
The Company plans to utilize the net proceeds from the sale of the Units for diamond drilling of potential kimberlite, base, and precious metal targets (70% of proceeds) and for general working capital purposes (30% of proceeds). The Offering is subject to customary closing conditions, including approval from the TSX Venture Exchange (TSX-V). The closing of the Offering may occur in separate tranches and is not contingent on reaching a minimum amount of gross proceeds.
The securities issued under the offering will be subjected to a hold period of four months and one day as per applicable securities laws and TSX-V regulations. It’s important to note that the securities offered have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without proper registration or exemption.
Additionally, RJK Explorations Ltd. mentioned its decision to issue 300,000 common shares to Great Lakes Nickel as payment for the use of an excavator. However, Great Lakes Nickel declined to accept payment for the loan of the excavator, and therefore, RJK will not proceed with the share issuance to Great Lakes Nickel.
This news release contains forward-looking statements regarding the Offering, the use of proceeds, and final approval from the TSXV. While the Company has made certain assumptions, actual results may differ due to various risks and uncertainties, including the failure to receive final approval from TSXV. RJK does not have an obligation to update the forward-looking statements unless required by law.
Lastly, it’s important to mention that this news release is intended for distribution in Canada only and should not be distributed to United States newswire services or disseminated in the United States. For more information, please refer to the original press release at the provided source link.
