Rover Metals Corp. (TSXV:ROVR) (OTCQB:ROVMF) (“Rover Metals” or the “Company”) is pleased to announce that it has entered into a non-binding letter of intent dated April 10, 2019 to acquire (the “Transaction”) all of the issued and outstanding shares of Centennial Mining, an arm’s length Nevada corporation, from a private US-based entity (the “Vendor”) in consideration of the issuance to the shareholders of the Vendor of 40,000,000 common shares in the capital of Rover Metals (the “Consideration Shares”). The Consideration Shares will be distributed to the shareholders of the Vendor, resulting in no single person holding more than 9.79% of the issued and outstanding common shares of the Company following the completion of the Transaction (post Transaction individual ownership does not give consideration to the number of shares to be issued in connection with the Company’s current private placement financing disclosed below). Centennial Mining owns, among other things, a 100% interest in the Toquima precious metals property (the “Toquima Property”) located in Corcoran Canyon, Nevada, USA.
The Company also announces that it has re-priced its previously announced private placement (the “Private Placement”) (see Rover’s March 4, 2019 press release). The Company announces that it will seek to raise an aggregate of $1.25 million through the issuance of up to 20,833,333 units of the Company (each a “Unit”) at a price of $0.06 per Unit. Each Unit will be comprised of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one additional Common Share at an exercise price of $0.12 for a period of five (5) years from the date of issuance. click here