24 June 2021
Vancouver, British Columbia – (June 24, 2021) – Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (“Rover” or the “Company”) further to its release of June 1, 2021, announcing its First Closing, Rover is pleased to announce that is has raised a total of $2,425,000.00 under its non-brokered $0.10 Unit Financing. A total of 24,250,000 units have been issued in connection with this financing. Each Unit is comprised of one common share and one common share purchase warrant. Further to the June 1st First Closing, the Company has raised $1,378,700.00 under this Second and Final Closing (the “Second Units”). Each Second Unit is priced at $0.10 and is comprised of one common share and one common share purchase warrant. The Second Warrants have an exercise price of $0.15 per warrant share, and a life of two years. The Company has paid total cash finder’s fees of $103,602.10 and issued finder’s warrants of 761,221 in connection with this financing. The finder’s warrants bear the same terms as the warrants issued under this financing. The Second Units will bear the minimum four-month regulatory hold period from the date of issuance.
Use of Proceeds
The use of proceeds of the $0.10 Unit Financing will be to finance exploration and exploration drilling at the Company’s 100% owned Cabin Gold Projects. Summer exploration is already underway at all three gold properties: Cabin Gold, Slemon Gold, and Camp Gold.
About the Cabin Gold Projects
On September 8, 2020, Rover kicked-off its first exploration drilling program at the historic Cabin 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).