Rupert Resources increases equity financing to $25 million

Rupert Resources (TSX: RUP) announced an increase to $25 million from $20 million in its public financing announced yesterday. The company has partnered with Cormark Securities and BMO Capital Markets as co-lead underwriters. Rupert Resources will issue approximately 7.0 million common shares at $3.58 per share.

Additionally, the underwriters have a 30-day option to buy an extra 15% over-allotment under the same terms. The financing is expected to close around Aug. 1, 2024, pending regulatory approval.

Rupert Resources will also conduct a concurrent private placement, offering approximately 3.3 million common shares at the same price and terms as the public offering.

The funds from these offerings will support ongoing exploration activities, technical and environmental studies in Finland, and general corporate needs, as detailed in the short form prospectus.

Rupert Resources’ main project is the Ikkari gold discovery in northern Finland, which is part of the larger Rupert Lapland project. This project also includes the Pahtavaara gold mine, mill, and exploration permits.

For more information, visit www.RupertResources.com.