Rockland hires Chibougamau for Cole drill program

Executive Summary

• Rockland Resources Ltd. has arranged a non-brokered private placement of up to 12 million units for gross proceeds of $1.2 million to fund its Cole Gold Mines project and working capital.
• The company has engaged Chibougamau Drilling for an initial drill program of approximately 3,000 metres at the Cole Gold Mines project in the Red Lake district, expected to commence later this month.
• The financing includes transferable share purchase warrants exercisable at 15 cents per share for a 36-month period, with shares subject to a four-month hold period.

Key Details

• Financing Structure: Non-brokered private placement of up to 12 million units.
• Price: 10 cents per unit.
• Gross Proceeds: $1.2 million.
• Unit Composition: Each unit consists of 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 15 cents per share for a period of 36 months after the closing date.
• Use of Proceeds: Advancing the Cole Gold Mines project in Red Lake, Ontario, and for general working capital purposes.
• Hold Period: Shares issued are subject to a four-month hold period under Canadian securities laws.
• Drilling Program: Approximately 3,000 metres of drilling planned at the Cole Gold Mines project.
• Drilling Contractor: Chibougamau Drilling (based in Red Lake), noted for experience with the Great Bear deposit.
• Qualified Person: Danae Voormeij, PGeo, reviewed the technical disclosure; she is also the company's newly appointed chief geologist.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.