Rupert Resources announces grant of performance share units and stock options

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TORONTO – (COMMERCIAL THREAD) – Rupert Resources Ltd. (“Rupert Resources” or the “Company”) announced today that under the Company’s Amended and Restated Stock Incentive Plan dated August 4, 2021 (the “Plan”), the Company has allocated 301,204 performance shares units (“RSUs”) to certain officers and employees of the Company. PSUs will vest in three tranches based on certain corporate and individual performance objectives and each PSU will be converted into up to one common share of the Company, or the cash equivalent thereof, subject to level achievement of these performance objectives. Further details regarding the Plan are set out in the Company’s Management Information Circular dated July 8, 2021, which is available on SEDAR at www.sedar.com.

The Company further announces that in accordance with the rules of the Plan, it has granted a total of 54,000 options to a certain employee of the Company (the “Options”). The options were granted on September 24, 2021 with an exercise price of $ 4.30 per share, which is the closing price of the Company’s shares on the TSX Venture Exchange on September 23, 2021. The options may be exercised for a period of five years from the date of grant, with 1/3rd of options acquired after 12 months, 1/3rd after 24 months and the rest after 36 months.

Following the grant of options, there are 9,006,000 options outstanding under the plan, representing 5.1% of the issued and outstanding shares of the Company.

About Rupert Resources

Rupert Resources is a gold exploration and development company listed on the TSX Venture Exchange under the symbol “RUP”. The Company is focused on making and advancing discoveries of scale and quality with high margin and low potential for environmental impact. The Company’s primary focus is Ikkari, a new discovery of high quality gold in northern Finland with an inferred mineral resource estimate of 49 million tonnes (Mt) at 2.5 grams per tonne of gold (g / t Au), which was reported using cuts of 0.6 g / t Au for the mineralization potentially mineable by open pit methods and 1.2 g / t Au for the portion potentially extractable by methods underground for a total of 3.95 million ounces (see the technical report entitled “NI 43-101 Technical Report: Ikkari Project, Finland” with an effective date of September 13, 2021 prepared by Brian Wolfe, senior consultant , International Resource Solutions Pty Ltd., an independent qualified person under NI 43-101). Ikkari is part of the Company’s “Rupert Lapland Project”, which also includes the gold mine, the mill and the Pahtavaara exploration permits and concessions located in the greenstone belt of northern central Lapland. Finland (“Pahtavaara”). Pahtavaara previously produced over 420koz of gold and 474koz remain in an inferred mineral resource estimate (4.6 Mt grading 3.2 g / t Au at a cut-off grade of 1.5 g / t Au, see the technical report entitled “NI 43-101 Technical Report: Pahtavaara Project, Finland” with an effective date April 16, 2018, prepared by Brian Wolfe, Senior Consultant, International Resource Solutions Pty Ltd., an independent Qualified Person under NI 43-101). The Company also owns a 100% interest in the Surf Inlet property in British Columbia, a 100% interest in properties in Central Finland and a 20% interest in the Gold Center property located adjacent to the Red Lake mine in Ontario.

For more information, please contact:

Rupert Resources Ltd.

82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1

Phone. : +1 416-304-9004

Web: http://rupertresources.com/

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.

Caution Regarding Forward-Looking Statements

This press release contains statements which, other than statements of historical fact, constitute “forward-looking statements” within the meaning of applicable securities laws, including statements regarding: mineral resources. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions , with regard to the Company, aim to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management believed to be reasonable as of the date the statements are made and are inherently subject to various risks and uncertainties and other known and unknown factors. that could cause events or results to differ materially from those projected in the forward-looking statements. These factors include general mining industry risks, as well as risk factors discussed or mentioned in the Company’s annual MD&A for the year ended February 28, 2021 available at www.sedar.com. If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove to be incorrect, actual results could differ materially from those described in this document as being intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify material factors which could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors which may cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors which may cause actions, events or results are not those anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company does not intend, and assumes no obligation, to update these forward-looking statements, except as otherwise required by applicable law.


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