VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 28, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Rapier Gold Inc. (TSX VENTURE:RPR) (the "Company") is pleased to announce that it has received regulatory
approval to close the first tranche of its private placement, raising $249,300 through the issuance of 1,745,500 non-flow through
units (1,745,500 shares and 1,745,500 warrants) and 650,000 flow through units (650,000 shares and 650,000 warrants). All shares
and warrants issued in this tranche are subject to a four-month hold period expiring June 29, 2017. Finder's fees on this tranche
are payable as to $6,317.50, and 69,500 compensation warrants at an exercise price of $0.15 cents, with an expiry date of
February 28, 2019.
Each of Delbrook Capital Advisors Inc. and Medalist Capital Ltd. were invited to participate in the private placement,
following separate proposals received from each of them to arrange alternative financing that the Company's Board determined not
to be in the best interests of Rapier. Each of them declined participation, or failed to accept the invitation in time to
participate in the first tranche.
For more details in respect of the private placement, see the Company's news release of February 20, 2017. The Company has
confirmed that it has regulatory approval to close the private placement in tranches.
Pen Gold Project Summary
- The Company's activities are exclusively focused on exploring the Pen Gold Project, comprising approximately 19,333
hectares (approximately 193 sq. km.) located on Highway 101, 75 km south west of Timmins, Ontario. (See Appendix
1). The project is approximately 45 km southwest of Tahoe Resources Timmins West Mine and the recently discovered 144
Exploration Area.
- Tahoe Resources (formerly Lakeshore Gold) are conducting an extensive exploration program on 144 Exploration Area, which is
outlined in a very comprehensive section of the company's website:
http://www.lsgold.com/Mines-Projects-Properties/Review-of-Properties/Timmins-West-complex/144-Gap-Zone-Discovery/default.aspx
- The Pen Gold Project is located approximately 85 km northeast of Goldcorp's Borden Gold Project. In March 2015 Goldcorp
acquired this project in the takeover of Probe Mines for $526 million. Goldcorp are actively advancing the Borden Gold Project
as a source of ore for the 11,000 tpd Dome Mill, located 160 km away in Timmins.
- The Pen Gold Project appears to be on the western extension of the Porcupine-Destor Fault Zone (PDFZ), one of the most
productive gold structures in the world. This fault zone extends east into Quebec and hosts many of the largest and most famous
gold mines in Canada. The Timmins Camp has produced approximately 72.5 million ounces of gold to date.
- Probe Metals acquired the Ivanhoe Project located to the west of Rapier's Pen Gold Project and the West Porcupine and Ross
Properties to the east of the Pen Gold Project.
Gary Wong, P. Eng., Vice-President Exploration of the Company, and a Qualified Person under the definition in National
Instrument 43-101, has reviewed and approved the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Roger Walsh, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of
any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and
will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities
laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the
benefit of, any person in the United States unless registered under the U.S. Securities Act and applicable state securities laws
or pursuant to an exemption from such registration requirements.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release
constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied
certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information
currently available to the Company, including that the Company is able to procure personnel, equipment and supplies required for
its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are
consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are
subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those
expressed or implied in such forward-looking statements. Such risk factors include, among others, that actual results of the
Company's exploration activities will be different than those expected by management and that the Company will be unable to
obtain financing, or will experience delays in obtaining any required government approvals or be unable to procure required
equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on
forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by
law.
To view Appendix 1, please visit the following link: http://media3.marketwire.com/docs/RPR-02282017.pdf