VANCOUVER, May 26, 2020 /CNW/ - Rathdowney Resources Ltd.
("Rathdowney" or the "Company") (TSX‐V: RTH) announces that it has
closed the second tranche of the unit private placement (the
"Private Placement") announced previously on April 21, 2020, consisting of 1,555,000 Units
issued for gross proceeds of CAD $139,950.
Each Unit is comprised of one common share (a "Share") of
the Company plus one common share purchase warrant (a
"Warrant"). Each Warrant can be exercised for a five year
period from the Closing Date (as hereinafter defined) at
$0.11 per Warrant Share (as
hereinafter defined). In the event that the closing price of the
common shares of the Company is at or above $0.15 per share for a period of 10 consecutive
trading days during the warrant exercise period (with the
10th such trading day hereafter referred to as the
"Eligible Acceleration Date"), the warrant expiry date shall
accelerate to the date that is 60 days after the Eligible
Acceleration Date.
The securities issued pursuant the Private Placement will be
subject to applicable resale restrictions, including a four month
hold period from date of closing of the Private Placement under
applicable Canadian securities laws. Completion of the private
placement is subject to regulatory approval, including approval of
the TSX Venture Exchange.
Proceeds will be used to advance permitting and engineering
activities in Poland on the
Company's Olza zinc-lead-silver project ("Project Olza") towards
the final submission for its Polish Mining License, as well as for
general corporate working capital purposes.
On behalf of the Board of Directors
David J. Copeland, P.Eng.
President and 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 release.
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address exploration
drilling, exploitation activities and events or developments that
the Company expects, are forward looking statements. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Assumptions used by the Company to
develop forward-looking statements include the following: the Olza
project will obtain all required environmental and other permits
and all land use and other licenses, studies and development of the
Olza project will continue to be positive, and no geological or
technical problems will occur. Factors that could cause actual
results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
successes, continuity of mineralization, potential environmental
issues and liabilities associated with exploration, development and
mining activities, uncertainties related to the ability to obtain
necessary permits, licenses and title and delays due to third party
opposition, changes in government policies regarding mining and
natural resource exploration and exploitation, continued
availability of capital and financing, and general economic, market
or business conditions, as well as risks relating to the
uncertainties with respect to the effects of COVID-19. Investors
are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
For more information on the Company, investors should review the
Company's continuous disclosure filings that are available at
www.sedar.com.
SOURCE Rathdowney Resources Ltd.