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Rainmaker Completes Financing to Fund First Technical Report for its Nevada Lithium Project
- Financing will fund 43-101 technical report completion during Q4 2016
|By Marketwired .
|September 22, 2016 09:16 AM EDT
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.
-- Lithium: crucial mineral for electric car batteries and many other tech
-- 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
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).
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