News : 1M$ private placement + corporate update ! Rogue Provides Corporate Update and Announces $1M Private Placement, Closes First Tranche
VANCOUVER, BC--(Marketwired - March 04, 2016) -
- 2015 EXPLORATION HIGHLIGHTS: DRILL, ASSAY, CHEMICAL AND METALLURGICAL TESTING
- 2016 TIMELINE FOR: ASSAYS, MET TESTING, RESOURCE AND PEA REPORTS
- $1M PRIVATE PLACEMENT, FIRST TRANCHE OF $828,000 CLOSED
Rogue Resources Inc. (TSX VENTURE: RRS)("Rogue" or the "Company") is pleased to provide an updated report and overview of its Qubec Silica Project which, from today, will be renamed from "Lac de la Grosse Femelle Silica Project" to the "Silicon Ridge Project", in French "La Crte de Silicium" (the "Project"). This news release recaps work completed in 2015 and outlines Rogue's 2016 corporate objectives.
2015 Highlights
- Signed a Memorandum of Understanding ("MOU") with the Council of the Huron-Wendat Nation
- Launched 5,000 m drill program at Silicon Ridge; subsequently increased to 11,822 m*
- Engaged Dorfner-ANZAPLAN GmBH ("Anzaplan") to carry out chemical and metallurgical testing of 7,000 kg quartzite NQ and PQ core
- Engaged Met-Chem Canada Inc. ("Met-Chem") to develop a NI 43-101 compliant Resource Report (the "Resource") and Preliminary Economic Assessment (the "PEA")
- Baseline environmental testing initiated to help expedite future permitting applications
*Initial 5,000 m drill program was expanded to 11,822 m, in part due to Anzaplan's request for NQ and PQ drill core and the decision to conduct infill drilling in Q4 2015 that had originally been planned for Q2 2016. The combination of Anzaplan's analysis, plus the infill drilling at 50 m centres, provides an exceptional information base that should lead to a more robust and complete Resource and PEA.
2016 Silicon Ridge Project Highlights: Assays, Met Testing, Resource and PEA Report Timelines
- Assay results being reported confirm high purity SiO2 up to 99.98%
- Testing continues at Anzaplan to determine the suitability of the material for high value products
- Samples prepared, crushed and run through sensor-based sorting to produce differing qualities of silica. Further test work, including physical beneficiation, chemical analysis and thermal stability testing to be completed in the coming weeks. Anzaplan's final report will include results of the test program, in addition to the identification of the quality and range of potential products. To view a flow sheet of Anzaplan's processing test steps and current progress, please click on the following link:
https://www.rogueresources.ca/i/pdf/2016-03_FlowChart-AnzaplanTest-Update.pdf
- Silicon Ridge Project 2016 Timeline:
- March: Release of final assay results
- April: Metallurgical findings and reports (Anzaplan)
- From April: Develop market partnerships (off-take agreements)
- June: Resource Report (Met-Chem)
- September: PEA Report (Met-Chem)
- Q4: Development decisions and pre-production planning
"2016 will be a pivotal year for Rogue. The main focus is advancing Silicon Ridge, de-risking the project through continued test work and analysis, with the corporate objective of reaching a development decision by the end of this year," stated Sean Samson, President & CEO. "The work is staged, with Anzaplan confirming the type of silica we have at Silicon Ridge, Met-Chem's Resource telling us the quantity, and the PEA packaging up the economic potential. In Q2, with the Anzaplan results in hand, we will immediately begin discussions with potential buyers with a goal of securing partnerships to further advance the project."
Private Placement
The Company also announces it has arranged a non-brokered private placement of Non-Flow Through Units and Flow-Through Shares. The Non-Flow Through Units consist of a common share at a price of $0.10 and a non-transferable common share purchase warrant which will entitle the holder to purchase one common share at an exercise price of $0.12 until March 4, 2018 (the " NFT Units"). The Qubec or National Flow Through Shares will be offered at a price of $0.15 (the "FT Shares"), with no warrant attached. Aggregate gross proceeds are anticipated to be up to $1,000,000 (the "Offering"). The Company reserves the right to increase the size of the private placement or to modify the type, nature and/or price of the units for any reason.
The Offering and any modification to it are subject to compliance with applicable securities laws and approval of the TSX Venture Exchange. The Company may pay finders' fees in accordance with the policies of the TSX Venture Exchange.
The shares will be subject to a statutory four month hold period. Final closing date for the offering is anticipated to be on or about March 31, 2016.
The proceeds from the issuance of the FT Shares will qualify as Canadian and/or Qubec exploration expenses. Flow through funds received in 2016 will be renounced to investors no later than December 31, 2016.
The Company intends to use the net proceeds of the Offering primarily for expenditures on the Silicon Ridge Project as well as for general working capital.
Closing of First Tranche
The Company is pleased to announce that, subject to regulatory approval, it has completed the first tranche of its private placement and has raised $828,000 through the issuance of 8,280,000 non-flow through units. Finder's fees in the amount of $56,700 and 567,000 compensation warrants are payable on this tranche. All shares issued in this tranche are subject to a 4 month hold period expiring July 5, 2016.
Rogue at PDAC
The Company has a full 4 day booth at the PDAC Convention being held March 6thto 9th in Toronto, and investors, stakeholders, suppliers and others are invited to visit us at booth #2929.
Stock Options
The Company announces that, subject to its stock option plan and regulatory approval, it has awarded 1,000,000 stock options at a price of $0.10 for a period of seven years, 600,000 of which have been issued to the new Chief Executive Officer.
About Rogue Resources Inc.
With its diverse portfolio of properties, all in good standing, the Company has the ability to focus its efforts and finances on the project that demonstrates the greatest market potential for return. The current focus for Rogue is its Silicon Ridge Project, located 42 km north of Baie-Saint Paul on the St. Lawrence River, and 4 km northeast of the Sitec silica mine, which has been in operation for over fifty years. Access to the project is via a paved highway and well maintained forestry access roads with a high voltage power line soon to be constructed to within 4km. For more information about Rogue visitwww.rogueresources.ca
About Dorfner-ANZAPLAN GmbH
Anzaplan is a full service specialist in high-value industrial and strategic minerals offering international customers a complete one-stop shopping solution across all phases of the economic evaluation and development of industrial, specialty and strategic minerals projects such as high purity quartz. Testing and analyses are carried out in their own laboratories and test center, using state-of-the-art analytical methods or pilot plant processing. For more information about Anzaplan visit www.anzaplan.com.
Qualified Person
The Silicon Ridge exploration project is under the direct supervision of Eddy Canova, P Geo., and Senior Vice-President of the Company, a Qualified Persons ("QP") as defined by National Instrument 43-101, assisted by Paul Davis, P Geo., Technical Consultant to the Company and also a QP as defined by National Instrument 43-101. Both QPs have approved the scientific and technical content of this release.
On Behalf of Rogue Resources Inc.
Sean Samson