Vancouver, British Columbia--(Newsfile Corp. - October 19, 2016) - Rockridge Capital Corp. (TSXV: RRC) (the "Company") announces that it has entered into a mineral purchase agreement (the "Agreement") with St. Jacques Mineral Corp. (the "Vendor") to acquire a property prospective for uranium located in Saskatchewan (the "Property"). The Property consists of nine mineral dispositions totaling 3,336 hectares, located in the Northern Mining District, Saskatchewan.
Under the terms of the Agreement, the Company has agreed to pay $10,000 and issue a total of 2,250,000 common shares of the Company within five days of TSX Venture Exchange approval to the Vendor. The Company will also be required to incur a total of $500,000 of exploration expenditures within 18 months of the day of the Agreement (the "Exploration Commitment"). In the event that the Company does not satisfy the Exploration Commitment, the Property will be returned to the Vendor.
The Vendor will also hold a 1% Net Smelter Royalty, which may be purchased by the Company at a cost of $1,000,000.
In connection with the transaction, the Company will issue a finder 220,000 common shares subject to the acceptance of the TSX Venture Exchange.
The Agreement and the transactions contemplated therein are subject to acceptance of the TSX Venture Exchange.
Private Placement Financing
The Company also announces that it has approved a proposed private placement financing of a minimum of 5,000,000 common shares and up to a maximum of 10,000,000 common shares at a price of $0.11 per share for total proceeds of a minimum of $550,000 and up to $1,100,000 (the "Offering").
The Company may pay finders a fee and issue finders warrants in connection with the Offering.
The proceeds of the Offering will be used for mineral exploration on the Company's properties and working capital purposes.
For more information, please contact Gunther Roehlig, CEO and President at (604) 683-0911.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ROCKRIDGE CAPITAL CORP.
CEO and President
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.