Welcome!

News Feed Item

Rainmaker Completes Financing to Fund First Technical Report for its Nevada Lithium Project

- Financing will fund 43-101 technical report completion during Q4 2016

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/22/16 -- Rainmaker Resources Ltd. (TSX VENTURE:RIR) ("Rainmaker" or the "Company") is pleased to announce that, based upon its recent highly anomalous lithium samples obtained from a geochemical sampling program conducted on the Sarcobatus Flat Lithium project in Nevada, the Company will be advancing toward an NI43-101 technical report.

To that end, Rainmaker announces that it has completed a financing of gross proceeds of $156,769.79 in order to support completion of a technical report and other operating activities including an important land payment for its Sarcobatus Flat lithium project in Nevada, as well as general working capital purposes. Completion of the technical report is expected to be finalized and released in Q4 2016.

CEO, Chris M. Healey, P. Geo, commented: "We are excited to advance toward our first technical report, and this financing will support Rainmaker's progress. Our samples have yielded an average of 233 ppm Lithium, and up to 300 ppm, highly promising and compares very favorably even with more advanced Nevada lithium projects. At the same time, we are strengthening our board and I'm pleased to welcome Mr. Maresky who joins to assist our new phase of growth."

Rainmaker wishes to welcome Mr. Isaac Maresky who will be joining the board of directors. Mr. Maresky has been involved in a number of successful transactions from building early stage emerging companies through to public listings. Mr. Maresky's career started as an M&A analyst for a British multinational investment bank servicing large mining corporations. Prior to that he worked for the Royal Bank of Canada in its wealth management group. Mr. Maresky then joined Sunel Securities, a Toronto investment bank with a successful track record of financing mining companies. The Company thanks Ms. Bev Funston for her dedication to the Company as she resigns from the board at this time.

The updated Rainmaker Corporate Presentation is available at the Company's website www.rainmaker-resources.com

Details of Financing

Rainmaker has closed a financing, comprised of an equity private placement as well as a convertible debenture private placement. Through the equity private placement component, the Company issued 933,331 shares at a price of $0.09 shares per unit, each comprised of a share and a warrant exercisable at $0.115. The convertible debenture placement consists of $72,770.00 of secured convertible debentures, accruing interest at 12% per annum, with a maturity date of one year, convertible at $0.115 per unit. Post-financing, Rainmaker will have 9,304,033 common shares outstanding. No cash commission is being paid on the financing, but the Company will pay a commission of 8% broker units, exercisable at the purchase price. All securities mentioned will have a holding period of four months and one-day.

Sarcobatus Flat Lithium Project, Nevada

Rainmaker controls the Sarcobatus Flat Lithium project in Nevada. The property is located along a highway, directly in the Rainmaker acquired the option to own up to 100% through an accretive, share-based acquisition. The lithium content at Sarcobatus Flat has been sampled and demonstrated highly anomalous lithium contents, comparing favourably with samples from nearby Clayton Valley - the only lithium-producing mine in the United States. As well, this area of Nevada has seen a rapid rise in exploration success. Highlighting the demand, a recent U.S. Geological Survey advised, "Lithium supply security has become a top priority for technology companies in the United States and Asia." This is especially relevant given the proximity of Tesla's new Gigafactory.

Investment Highlights


--  Lithium: crucial mineral for electric car batteries and many other tech
    purposes 
--  Favourable Terms: share acquisition, cash reserved for exploration 
--  High-Potential Project: samples indicate lithium values of 140 - 300 ppm
--  Location: mining-friendly Nevada 
--  Large Land Package: 234 placer mining claims totalling 4,680 acres 
--  Infrastructure & Accessible: adjacent to US Highway 95 
--  Rapid Advancement: lithium brine projects tend to require only a
    moderate amount of drilling to advance the property 
--  Low-Cost Exploration/Development/Production: the accessible nature of
    lithium brine deposits results in low costs overall

About Rainmaker

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 Flat lithium project in Nevada, along a highway near the only producing Lithium mine in the United States. 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.

For further information, visit www.rainmaker-resources.com, or see the company's profile at www.sedar.com.

Chris M. Healey, P. Geo, President of Rainmaker is the Qualified Person, under National Instrument 43-101, who is responsible for the technical content of this release. The Rainmaker Board of Directors, on whose behalf this release has been prepared, accepts responsibility for its contents.

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).

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...