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Rupert Resources has announced a non-brokered private placement

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The company is looking to raise gross proceeds of up to $7,650,000 from the placement of up to 9 million shares priced at $0.85 per share.

Additional Information:

Company: Rupert Resources
Website: http://www.RupertResources.com
Stock Symbol: TSXV: RUP
Date Published: Aug 21, 2019
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Rupert Resources has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $7,650,000 from the placement of up to 9 million shares priced at $0.85 per share.

Separately the company announced that to date holders of approximately 93% or approximately $7.2 million of the company’s 5.00% secured convertible debentures have exercised their conversion right at a price of $0.85 per share, resulting in the issuance of approximately 8.4 million shares.

The remaining outstanding Convertible Debentures will mature on September 6, 2019.

James Withall, CEO, stated: "The conversion of the convertible debenture significantly improves Rupert’s balance sheet, eliminating a perceived market overhang and demonstrates very strong shareholder confidence in management strategy and the prospectivity of the Central Lapland Greenstone Belt. The Company is well placed to continue its exploration programs both at the Pahtavaara mine site and across the regional landholding, to follow up on the Area 1 discoveries announced earlier this year and to drill test further targets that have since been identified."

Rupert, a Canadian based gold exploration and development company, owns the Pahtavaara gold mine, mill, and exploration permits and concessions located in the Central Lapland Greenstone Belt in Northern Finland.

Pahtavaara has an Inferred mineral resource of 4.6 metric tonnes at a grade of 3.2 grams per tonne gold at a 1.5 gram per tonne cut off grade, containing 474,000 ounces of gold.

The company also holds a 100% interest in two other properties in Central Finland; along with the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake, Ontario; and the Surf Inlet Property in British Columbia.

The shares are currently trading at $0.82.

For more information, please visit the company’s website at www.RupertResources.com, contact James Withall, CEO, by email at jwithall@RupertResources.com.

Investor relations is handled by Thomas Credland, Head of Corporate Development, who can be reached at 416-304-9004 or by email at tcredland@RupertResources.com.

I’m Cassandra Bolinski for Investmentpitch Media