Rockridge Resources Completes Non-Brokered Private Placement Financing

Vancouver, BC , May 16, 2023 (GLOBE NEWSWIRE) -- Rockridge Resources Ltd. (TSX-V: ROCK) (OTCQB: RRRLF) (Frankfurt: RR0) (“Rockridge”) (the “Company”) is pleased to announce that, further to its news release issued May 15, 2023 it has closed a non-brokered private placement financing for total gross proceeds of $545,950 (the “Private Placement”). The Company has issued 15,598,571 units (the “Units”) at a price of CAD $0.035 per Unit.

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. In addition, the Company has paid a finder's fee of $2,450 and issued 70,000 finder's warrants to an arm's-length party, with each finder’s warrant entitling the holder to purchase one common share for a period of thirty-six months at a price of CAD $0.07. The Company previously announced the closing of a non-brokered flow-through private placement financing for total gross proceeds of $472,500 whereby the Company issued 9,450,000 flow-through units (the “FT Units”) at a price of CAD $0.05 per FT Unit, as per the Company’s news release dated April 12^th, 2023.

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 final TSX Venture Exchange approval, and all securities issued will be subject to a hold period expiring four months and one day from issuance.

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.