Rover Announces and Closes $0.03 Unit Financing

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VANCOUVER, BC / ACCESSWIRE / May 15, 2024 / Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) ("Rover" or the "Company") is pleased to announce a non-brokered private placement financing for a minimum of $400,000 and a maximum of $800,000. The Company will issue $0.03 units. Each unit is priced at $0.03 and is comprised of one common share and one common share purchase warrant (the "Units"). The warrants on the Units have an exercise price of $0.05 per warrant share, with a life of three years. Assuming the financing is fully subscribed, there will be up to 26,666,667 common shares and 26,666,667 common share purchase warrants issued in connection with this financing, plus any finder's commission warrants.

Further to the above announcement, Rover has received orders for $327,344 and has also received approval from the TSX Venture Exchange (the "TSXV") to close the first tranche of the Unit financing for gross proceeds of $$327,344 (the "First Closing"). The Company will issue of 10,911,467 common shares and 10,911,467 warrants. No finders' commissions will be paid connection with the First Closing. The shares and warrants issued under the First Closing will bear the minimum four-month regulatory hold period from the date of issuance. The financing is being led by a lithium investment portfolio managed by Gunnar Pedersen's family office. Mr. Pedersen is a Director of the Company.

An updating release will be provided once the Company has completed any future closings of the Unit financing, including receipt of final acceptance from the TSXV for the financing.

Use of Proceeds

The proceeds from the First Closing will be used to finance ongoing permitting and exploration work at the Company's Let's Go Lithium project located in the Amargosa Valley of Nevada, USA.

Judson Culter, CEO at Rover, states: "Gunnar's commitment to financing the permitting process for our Let's Go Lithium ("LGL") project is huge for us. We have significantly reduced our burn rate to allow us to focus our working capital on the continued NEPA permitting process for the LGL project. Our last equity financing was in the summer of 2023. As a Company, we are positioned to ride-out this bear market in lithium exploration. Our valued partners at the UES, Reno office, have been out in the field since March of this year doing the work needed to move the LGL project to the next level. Management is satisfied with the UES fieldwork to date and feel confident that exploration drilling can be achieved in the area, with less than five acres of planned disturbance."