VANCOUVER, BC / ACCESSWIRE / December 7, 2016 / RT Minerals Corp. (TSXV: RTM) (the "Company") announces that it proposes to undertake a private placement of up to 400 units (the "Units") to raise gross proceeds of up to $400,000 (the "Offering"). Each Unit will be priced at $1,000.00 and will be comprised of 7,500 flow-through common shares, 2,500 non flow-through common shares, and 10,000 share purchase warrants exercisable at $0.15 for a term of one year. The Unit pricing is equivalent to $0.10 per share and a whole warrant attached to each share that is exercisable into one further common share at a price of $0.15 for a term of one year.
The proceeds from the sale of the flow-through portion of the Offering will be used for exploration activity on the Company's 100% owned, subject to retained royalty, Ballard Lake diamond and gold property and 100% optioned Norwalk gold property, both located near Wawa, Ontario. Drilling on the Ballard Lake and Norwalk properties are expected to commence in January 2017. The proceeds from the sale of the non flow-through portion of the Offering will be used for general working capital.
A finder's and/or administrative fee of up to 10% may be paid to registered representatives in connection with the Offering. The fee will be comprised of 50% cash and 50% common shares at $0.10 per share.
The Offering is subject to the acceptance of the TSX Venture Exchange.
FOR FURTHER INFORMATION CONTACT:
Paul Antoniazzi
President and Chief Executive Officer
Tel: (604) 681-3170
Fax: (604) 681-3552
Website: www.rtmcorp.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: RT Minerals Corp.