Rockland appoints Downie as technical adviser

Executive Summary

• Rockland Resources Ltd. appointed Ewan Downie as a technical adviser to leverage his extensive experience in the Red Lake mining district.
• The company announced two concurrent non-brokered private placements: one for common units and another for flow-through shares, aiming to raise up to $500,000 in aggregate gross proceeds.
• Proceeds from both financings are designated for advancing the company's Cole Gold Mines project in Red Lake, Ontario, and for general working capital.

Key Details

• Technical Advisor Appointment:

  • Ewan Downie appointed as technical adviser.
  • Downie has over 20 years of exploration and development experience in the Red Lake mining district.
  • Former President and CEO of Premier Gold Mines Ltd.; involved in the discovery of multiple new gold deposits and the construction of the Red Lake Tram.
  • Downie expressed interest in the Cole Gold Mines property, noting no modern exploration had occurred there since 1973.

• Financing 1: Common Units Private Placement:

  • Structure: Non-brokered private placement of up to 1.25 million units.
  • Price: 20 cents per unit.
  • Gross Proceeds: $250,000.00.
  • Unit Composition: One common share and one transferable share purchase warrant.
  • Warrant Terms: Each warrant entitles the subscriber to purchase one warrant share at an exercise price of 27.5 cents per share.
  • Warrant Duration: 24-month period after the closing date.

• Financing 2: Flow-Through Shares Private Placement:

  • Structure: Non-brokered private placement of up to one million flow-through shares (FT shares).
  • Price: 25 cents per FT share.
  • Gross Proceeds: Up to $250,000.
  • Use of Proceeds: Advancing the Cole Gold Mines project in Red Lake.
  • Tax Benefits: Holders receive tax benefits applicable to flow-through shares under the Income Tax Act (Canada).
  • Unit Composition: Each flow-through unit comprises one common share issued on a flow-through basis and one-half of one common share purchase warrant issued on a non-flow-through basis.
  • Warrant Terms: Each whole warrant entitles the holder to acquire one common share at a price of 35 cents.
  • Warrant Duration: 24 months following the closing of the offering.

• General Financing Terms:

  • Finders' fees are payable.
  • Closing is subject to approval of the Canadian Securities Exchange.
  • Securities are subject to a statutory hold period expiring four months and one day from the date of issuance.

Notable Quotes

• Ewan Downie, Technical Adviser: "I have long been a fan of the Red Lake camp for its history of yielding high-grade, world-class, gold discoveries... The success of Great Bear, identifying a major gold deposit in a new geological environment away from the main 'Mine Trend,' highlights the need to revisit properties like Cole in the pursuit of major new discoveries."
• Mike England, CEO of Rockland: "We are honoured to welcome Mr. Ewan Downie to Rockland's technical advisory board. His depth of geological experience and successes in the Red Lake mining district will be invaluable as we now advance our historic Cole Gold Mines project."