Rover announces $0.10 Unit Financing and First Closing

2 June 2021

Vancouver, British Columbia – (June 1, 2021) – Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (“Rover” or the “Company”) is pleased to announce a non-brokered unit financing (the “Units”) for a minimum of $1,000,000 and a maximum of $2,500,000. Each Unit is priced at $0.10 and is comprised of one common share and one common share purchase warrant (the “$0.10 Unit Financing”). The warrants have an exercise price of $0.15 per warrant share, and a life of two years. Assuming the financing is fully subscribed, there will be up to 25,000,000 common shares and 25,000,000 common share purchase warrants issued in connection with this financing, plus any finder’s commission warrants issued in connection with the offering.
First Closing of the $0.10 Unit Financing
Further to this announcement of a financing, Rover has now also closed the first tranche of the financing for gross proceeds of $1,046,300 (the “First Units”), resulting in the issuance of 10,463,000 common shares and 10,463,000 warrants. A finders’ cash commission and finder’s warrants of $27,480.00 and 594,800 warrants, respectively, will be paid in connection with the first closing. The finder’s warrants will have an exercise price of $0.15 and a useful life of two years. The Units issued under the first closing will bear the minimum four-month regulatory hold period from the date of issuance.
Future closings of the $0.10 Unit Financing will be subject to approval by the Toronto Venture Exchange (the “TSXV”). An officer and director of the Company is selling an aggregate of 657,000 common shares of the Company from their personal holdings, for aggregate proceeds of approximately $72,270, with such sale to occur on or about June 2, 2021. The officer/director of the Company is expected to use the proceeds generated from the sale of these shares to subscribe to a future closing of the $0.10 Unit Financing.
Use of Proceeds
The use of proceeds of the first closing will be to finance exploration and exploration drilling at the Company’s 100% owned Cabin Lake Group of Gold Projects. Summer exploration is planned for all three gold properties, Cabin Lake, Slemon Lake, and Camp Lake, with airborne geophysics (LiDAR) commencing next week at all three.
About the Cabin Lake Group of Gold Projects
On September 8, 2020, Rover kicked-off its first exploration drilling program at the historic Cabin Lake Gold Project. The exploration program included both confirmation and expansion drilling of historical high grade gold drill intercepts in the Bugow “Cabin Lake Gold Zone.” Rover’s expansion drilling included the discovery of what it believes to be a primary gold bearing ore shoot at the Cabin Lake Gold Zone (see Figure 1 below). As released on November 24, 2020, drill hole CL-20-08 intersected 32 meters of continuous gold averaging 13.6 grams per ton Au. The significance of hole CL-20-08 is that economic gold grades start at just 17.5 meters from surface, and the hole has identified a northwest trend and plunge at depth, of the gold mineralization in the ore shoot zone. Hole CL-20-08 also intersected and confirmed historic holes DDH86-12 (15.77 g/t Au over 8.02m) and DDH86-28 (11.74 g/t Au over 16.0m).