Oh Look a financing-RAK
Rackla Metals arranges $900,000 financing
2020-10-22 08:30 ET - News Release
Mr. Bruce Smith reports
RACKLA METALS PROPOSES $900,000 PRIVATE PLACEMENT
Rackla Metals Inc. proposes to complete a non-brokered private placement consisting of up to 7.5 million units at 12 cents per unit, for proceeds of up to $900,000. Each unit will consist of one common share and one warrant entitling the holder to purchase one additional common share of the Company at $0.15 for one year from closing. Management proposes to use the net proceeds of the placement for conducting exploration drilling on the Company's Rivier Property in the coming year, for continuing investigations of additional mineral properties for acquisition, and for general working capital purposes.
The Company has recently signed an exclusivity agreement to review the Expo property from Ron Berdahl of Whitehorse, Yukon. The Expo property is located in the region of the Rivier Property and covers a prominent series of VMS targets in the heart of the Finlayson Lake VMS district. Recent soil geochemistry work and aerial geophysics highlight a Zn/Au soil anomaly 800m X 300m which complements past prospecting finds and highlights the potential for discovery. The agreement gives Rackla exclusivity to review the data until April 1,2021.
The private placement is subject to acceptance for filing by the TSX Venture Exchange.
Technical Information
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Rackla's Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and has prepared and approved the technical information contained in this news release.
About Rackla