TORONTO, ONTARIO--(Marketwired - Mar 8, 2017) - Rainmaker Resources Ltd. (TSX VENTURE:RIR) ("Rainmaker" or the "Company") is pleased to announce a non-brokered private placement financing to raise up to $750,000 (the "Offering"). The Offering is anticipated to be structured as a best efforts private placement comprised of 15,000,000 common shares ("Shares") of the Company at a price of $0.05 per Share.
It is currently anticipated that certain principals and insiders of the Company may participate in the Offering.
It is currently anticipated that a cash fee will be paid to finders representing 7% of the gross proceeds raised in the Offering.
Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the securities regulatory authorities. There can be no assurance that the Offering will be completed, whether in whole or in part. All securities issued by the Company in connection with the Offering will be subject to a statutory four month hold period. Proceeds from the Offering will be used for general corporate purposes and to extinguish all outstanding debentures.
Rainmaker Resources is a TSX-V listed company focused on creating shareholder value through the exploration and advancement of projects at the intersection of mining and technology. Rainmaker controls the option to acquire the Sarcobatus Flats lithium project in Nevada, along a highway near the only producing Lithium mine in the United States. The recently completed 43-101 technical report noted "The geologic setting of the Project is similar to that of producing Lithium brine deposits in the Clayton Valley approximately 45 air miles north of the Project." Lithium is a major component of electric vehicle batteries, and Rainmaker's project sits 345km away from Tesla's Gigafactory.
Additionally, Rainmaker currently owns a 12.5% joint venture interest in Dufferin Lake - a uranium asset in the Athabasca Basin of Saskatchewan. Dufferin Lake is operated by NexGen Energy - a public company with a large asset portfolio and a market capitalization exceeding $800 million CDN. Uranium is used for efficient electricity generation.
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 news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).