Rimrock Gold Corp. Announces Closing of Merger Agreement and Financing
LAS VEGAS, Feb. 12, 2013 (GLOBE NEWSWIRE) -- Rimrock Gold Corp., formerly known as Tucana Lithium Corp. (OTCQB:TUCAD) (the "Company"), is pleased to announce that it has closed the definitive merger agreement (the "Merger Agreement") to acquire a 100% interest in three prospective gold exploration properties located in the heart of one of the main gold belts of northeast Nevada. In addition, the Company has closed a private placement offering at a purchase price of $0.20 per share with a warrant to purchase shares at a price of $0.30 per share, for gross proceeds to the Company of $500,000.
The Company's common shares will continue to trade under the symbol TUCAD for 20 business days and after the 20th business day the common shares will trade as RMRK.
"We are very excited to have completed the acquisition of the gold properties and to have secured financing. The newly acquired properties provide Rimrock with a real opportunity in a commodity with huge growth potential, and we are looking forward to a successful spring/summer work program," stated President and CEO, Jordan Starkman.
The Company's main exploration assets consists of 177 map-designated cells totaling 9,400 hectares named Abigail located in the James Bay, Quebec region of Canada, along with 12 map-designated cells just north of the Abigail property named Lac Kame and 25 map-designated cells named EM-1 totaling approximately 1,960 hectares. The Company also now holds a 100% interest in three Nevada Gold properties named Rimrock, Silver Cloud, and Pony Spur.
The Rimrock Gold Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=17106
Certain statements in this document that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Rimrock Gold Corp. to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its current operational or expansion plans; (ii) the Company's ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."