Rover Announces $0.03 Unit Financing

Rhea-AI Summary

Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF) has announced a non-brokered private placement financing for a minimum of $175,000 and a maximum of $500,000. The company will issue $0.03 units, each comprising one common share and one common share purchase warrant. The warrants have an exercise price of $0.05 and a two-year life. If fully subscribed, up to 16,666,667 common shares and warrants will be issued.

Proceeds will fund permitting work, claim renewal fees, and exploration at the Let's Go Lithium project in Nevada, USA. Additional closings will support general expenses and costs related to acquiring the new Silicon Valley project in Golden, BC, Canada. CEO Judson Culter invites interested parties to contact him regarding participation in the financing.

Positive

• Potential to raise up to $500,000 in new capital
• Funds allocated for exploration and development of lithium project
• Planned acquisition of new Silicon Valley project in Golden, BC

Negative

• Significant dilution of existing shareholders due to large number of new shares and warrants
• Low unit price of $0.03 may indicate financial distress or low market valuation
• Minimum raise of $175,000 may not be sufficient for long-term operations and development

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE U.S.

VANCOUVER, BC / ACCESSWIRE / July 29, 2024 / Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) ("Rover" or the "Company") is pleased to announce a non-brokered private placement financing for a minimum of $175,000 and a maximum of $500,000. The Company will issue $0.03 units. Each unit is priced at $0.03 and is comprised of one common share and one common share purchase warrant (the "$.03 Units"). The warrants on the Units have an exercise price of $0.05 per warrant share, with a life of two years. Assuming the financing is fully subscribed, there will be up to 16,666,667 common shares and 16,666,667 common share purchase warrants issued in connection with this financing, plus any finder's commission warrants.

The Company anticipates multiple closings of the $0.03 Unit financing. An updating release will be provided once the Company has completed any future closings of the $0.03 Unit financing.

Use of Proceeds

The proceeds from the first closing of the $0.03 Unit financing will be used to finance ongoing permitting work, claim renewal fees, and exploration work at the Company's Let's Go Lithium project located in the Amargosa Valley of Nevada, USA. Additional secondary, and future closings, will go towards general and administrative expenses, as well as towards the closing costs related to the Company's recently announced letter of intent to acquire the new Silicon Valley project in Golden, BC, Canada.

Judson Culter, CEO at Rover, states: "Please reach out to me if you have interest in participating on our $0.03 Unit financing. My contact details are below."

About Rover Critical Minerals

Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company is focussed on the permitting and exploration of the LGL project, a claystone lithium project in the Amargosa Valley of Nevada, USA, as well as the acquisition of the Silicon Valley project, located in Golden, BC, Canada.

You can follow Rover on its social media channels:

Twitter: https://twitter.com/rovermetals

LinkedIn: https://www.linkedin.com/company/rover-critical-minerals/mycompany/?viewAsMember=true

for daily company updates and industry news, and

YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber

for corporate videos.

Website: https://www.rovercriticalminerals.com/

ON BEHALF OF THE BOARD OF DIRECTORS

"Judson Culter"
Chief Executive Officer and Director

For further information, please contact:

Email: info@rovermetals.com
Phone: +1 (778) 754-2617

Statement Regarding Forward-Looking Information

This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Rover's actual results, performance, achievements, or developments in the industry to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover's expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions, or other factors, should change.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

SOURCE: Rover Critical Minerals Corp.

View the original press release on accesswire.com

FAQ

What is the price per unit in Rover's (ROVMF) latest financing round?

Rover Critical Minerals Corp. (ROVMF) is offering units at $0.03 each in its latest non-brokered private placement financing.

How much is Rover (ROVMF) aiming to raise in its July 2024 financing?

Rover (ROVMF) is aiming to raise a minimum of $175,000 and a maximum of $500,000 in its July 2024 financing round.

What are the terms of the warrants in Rover's (ROVMF) $0.03 Unit financing?

The warrants in Rover's (ROVMF) $0.03 Unit financing have an exercise price of $0.05 per warrant share and a life of two years.

How will Rover (ROVMF) use the proceeds from its $0.03 Unit financing?

Rover (ROVMF) will use the proceeds for permitting work, claim renewal fees, and exploration at its Let's Go Lithium project in Nevada, as well as for general expenses and costs related to acquiring the Silicon Valley project in Golden, BC.