Vancouver, British Columbia--(Newsfile Corp. - September 5, 2023) - Rumble Resources Inc. (CSE: RB) (the "Company") is pleased to announce that it has completed its initial public offering (the "IPO") by issuing 1,725,000 common shares (the "Shares") of the Company at a price of $0.10 per Share, for gross proceeds to the Company totaling $172,500, pursuant to a prospectus of the Company dated June 6, 2023 (the "Prospectus") filed with the British Columbia Securities Commission. In connection therewith, the Agent (as defined herein) exercised its option (the "Over-Allotment Option"), granted pursuant to the Agency Agreement (as defined herein), to increase the size of the IPO by additional 225,000 Shares to cover the over-subscription under the IPO. The Shares have been approved for listing on the Canadian Securities Exchange (the "CSE") under the symbol "RB".
The IPO was completed pursuant to an agency agreement dated June 6, 2023 (the "Agency Agreement") between the Company and Research Capital Corporation (the "Agent"), which acted as the lead agent on the IPO. Under the Agency Agreement, the Company paid to the Agent as consideration for its services, (i) a corporate finance fee (including GST) totalling $21,000, (ii) an agent's commission totalling $17,250, and (iii) expenses and holdback for expenses (including taxes) totalling $35,016.72, and issued to the Agent and its subagents an aggregate of 172,500 non-transferable warrants (the "Agent's Warrants") of the Company, being 10% of the number of Shares sold pursuant to the IPO. Each Agent's Warrant entitles the holder to purchase one Share at an exercise price of $0.10 per Share until September 5, 2025.
The net proceeds of the IPO will be used to carry out exploration of the Company's Woolford Creek Property, for general and administrative purposes, and for working capital purposes.
For more information, contact Erwin Wong, CFO,
About Rumble Resources Inc.
The Company is engaged in the identification, acquisition, exploration and development of mineral resource projects. The Company holds the exclusive option to acquire a 100% interest in the Woolford Creek claims, located approximately 15 kilometres north of Squilax, British Columbia, on the northeast shore of Little Shuswap Lake and is comprised of seven mining claims in the Kamloops Mining Division, British Columbia covering approximately 3,620.07 hectares.
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Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the commencement of trading of the Company's common shares on the Canadian Securities Exchange, future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, that the COVID-19 global pandemic will not affect the ability of the Company to conduct the exploration program on the Woolford Creek project, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company's option to acquire the Woolford Creek project, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated June 6, 2023, and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on SEDAR+.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179642
