RJK Explorations Announces Diamond Exploration Advisory Board, New Website and $1,150,000 Financing
Kirkland Lake, Ontario--(Newsfile Corp. - November 13, 2019) - RJK Explorations Ltd. (TSXV: RJX.A) (OTC: RJKAF) ("RJK" or "the Company") has added Peter Hubacheck P.Geo, Gary Grabowski P.Geo, Martin Ethier, and Jim Mackay to its Board of Advisors.
Peter Hubacheck brings years of diamond exploration experience to RJK. Most notably, he was responsible for a proprietary ranking system that was employed for target selection and ground truthing, resulting in the discovery of four kimberlite pipes in 1995 and 1996, including diamondiferous pipes 95-2 and 96-1, in the Temiskaming region.
Gary Grabowski was District Geologist for the Ministry of Northern Development and Mines' Resident Geologist Program (RGP) in Kirkland Lake for more than 35 years. He was a part of the 80s kimberlite discoveries in the region with Lac Minerals and Monopros Ltd. and assisted Chuck Fipke in his GSC report.
Martin Ethier has contributed in the discoveries of numerous Kimberlites (pipes and dykes) in the NE Ontario-NW Quebec corridor. He had previously worked on the Lapointe Kimberlite Pipe, conducting data integration-till sampling, discovery drilling and large diameter sampling.
Jim Mackay ran successful businesses in the Mining Industry for 28 years before he retired in 2011. A graduate of the Haileybury School of Mines, Jim always remembered his Geology Professor, Dan Atchison, challenging him and other graduates to one day find the source of the 800 Carat Nipissing Diamond. Jim joins the team in an effort to fulfill Atchison's wish.
Full bios on the new advisory board can be found on www.rjkexplorations.com/corporate/#boa
RJK has a new website, www.rjkexplorations.com, created by SMB Master. The Company has created an Interactive Property Map and an Interactive Nipissing Diamond Timeline to help new investors understand how RJK is working towards its goal of discovering diamonds. Each presentation will be updated as exploration progress is made. Also, with the help of Inside Exploration, the company has begun to create videos discussing various aspects of its exploration work.
The Company also announces a proposed non-brokered private placement (the "Offering") of up to 8,000,000 units (the "Units") at a price of $0.125 per Unit for gross proceeds of up to $1,000,000, and a concurrent non-brokered private placement (the "FT Offering') of up to 1,200,000 flow-through units ("FT Units") at a price of $0.125 per FT Unit for gross proceeds of up to $150,000.
Each Unit will consist of one convertible Series 1 Class C Preference Share (a "Royalty Share"), and one share purchase warrant (a "Warrant") exercisable for one Class A Subordinate Voting Share of the Company (a "Class A Share"). Amongst other features, each Royalty Share shall be a voting share and, after 4 years from the closing of the Offering, shall be convertible into one Class A Share, on and subject to the terms and conditions of the Royalty Shares. Each FT Unit will consist of one flow-through Class A Share (an "FT Share") and one Warrant.
Each Warrant will entitle the holder to acquire one Class A Share at an exercise price of $0.20 for up to 12 months following the date of closing of the Offering (The "Closing Date). The term of the Warrants may be accelerated in the event that the issuer's shares trade at or above a price of $0.25 cents per share for a period of 10 consecutive days. In such case of accelerated Warrants, the Company may give notice, in writing or by way of news release, to the subscribers that the Warrants will expire 60 days from the date of providing such notice.
In addition, conditional upon (i) the filing by the Company of a feasibility study on the Company's Bishop Claims, and (ii) the repurchase by the Company of 2.5% of a gross overriding royalty ("GORR") currently outstanding on the Bishop Claim (the "Option Conditions"), each purchaser of Units shall have an option to purchase their pro rata share of a 2.5% GORR on the Bishop Claims (the "Royalty Option") for aggregate consideration of $2.5 million to the Company. The Royalty Option must be exercised in full by holders of Royalty Shares following satisfaction of the Option Conditions, otherwise the Royalty Option will terminate. The Royalty Option will be subject to the terms of an agreement to be entered into between the Company and the holders of Royalty Shares.
The proceeds will be used for diamond exploration in the Cobalt area as well as general corporate purposes.
Glenn Kasner, President
Mobile: (705) 568-7567
Tel: (705) 568-7445
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.
Forward Looking Information
This news release includes certain forward-looking statements, which may include, but are not limited to, statements concerning future mineral exploration and property option payments. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", "propose" and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the financial resources of the Corporation being inadequate to carry out its stated plans. RJK assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.
"Searching for the Source of the 800 Carat Yellow Nipissing Diamond"
Web Site: http://www.rjkexplorations.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49695