Rockridge Resources Announces Non-Brokered Private Placement Financing

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

Vancouver, BC, May 15, 2023 (GLOBE NEWSWIRE) -- Rockridge Resources Ltd. (TSX-V: ROCK) (“Rockridge”) (the “Company”) announces that it has arranged a non-brokered private placement of 15,598,571 units of the Company (the “Units”) at a price of CAD $0.035 per Unit for total gross proceeds of $545,950 (the “Private Placement”). Each Unit is comprised of one common share and one transferable warrant, each warrant entitling the holder to purchase one additional common share for a period of thirty-six months at a price of CAD $0.07. The Company expects to close the financing shortly as the the financing has been fully subscribed for.

The Company intends to use the proceeds from this Private Placement for exploration activities and the upcoming drilling program at its Raney Gold Project in Ontario, as well as for general working capital purposes. Other than the usual monthly consulting fees payable to the Company’s directors and officers, there are no proposed payments to non-arm’s length parties, to persons conducting investor relations activities, nor for any specific use representing 10% or more of the gross proceeds.

The Private Placement is subject to TSX Venture Exchange approval and all securities issed will be subject to a hold period expiring four months and one day from issuance. Finders' fees may be payable in connection with the Private Placement, in accordance with the policies of the TSX Venture Exchange.

About Rockridge Resources Ltd.:

Rockridge Resources is a public mineral exploration company focused on the acquisition, exploration and development of mineral resource properties in Canada, specifically copper and gold. The Company’s 100% owned Knife Lake Project is located in Saskatchewan which is ranked as a top mining jurisdiction in the world by the Fraser Institute. The project hosts the Knife Lake Deposit, which is a VMS, near-surface Cu-Co-Au-Ag-Zn deposit open along strike and at depth. There is strong discovery potential in and around the deposit area as well as at regional targets on the large property package.

Rockridge’s gold asset is its 100% owned Raney Gold Project, which is a high-grade gold exploration project located in the same greenstone belt that hosts the world class Timmins and Kirkland Lake lode gold mining camps. Recently reported drill hole RN 20-06 intersected 28.0 g/t gold over 6.0 metres at a shallow vertical level of 95 metres, which is the best result from the project thus far. Rockridge’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.