Rogue Stone plans to restart its quarries, next week for Orillia and the week following for Bobcaygeon
Initially Company will supply Ontario infrastructure projects, preparing for re-opening of US markets
Rogue is also finalizing issuance of the previously announced 2,250,000 bonus shares to the Credit Group
TORONTO, ON / ACCESSWIRE / April 17, 2020 / Rogue Resources Inc. (TSX-V:RRS) ("Rogue" or the "Company") sent the below note to shareholders, from Sean Samson, President and CEO of Rogue Resources-
I wanted to send another update on what is happening with your company through this period of continuing challenge and change. As always, Rogue remains focused on the health and safety of our teams and we will continue to practice physical distancing throughout the company. Management has continued to work remotely and we have been in regular contact with our operators (who are at home with their families), our customers, investors and creditors.
Our group has remained focused on returning to work and we are now planning to restart operations on March 20th at Orillia and March 27th at Bobcaygeon.
Choosing to end our temporary suspension is not a decision we take lightly and our Operations team will return to the rigorous protocol they have followed since February and which has been discussed in detail with Rogue's Board of Directors. Following public health recommendations, the Operations team members will again arrive in their personal vehicles, operate individual pieces of equipment, spend break time outside or back in their personal vehicles and use mobile phones to communicate with each other, with Management, and to coordinate delivery trucks that arrive to be loaded. The trucking companies and our customers are following very similar protocols and in combination, the landscape stone business is slowly making a return to normalcy for supply, hopefully in time for the usual rise in spring and summer demand. Rogue has orders in place that we look forward to getting back to delivering on.
I continue to extend my best wishes during this incredibly challenging time and please do contact me with any questions about your Company.
Issuance of Bonus Shares
Consistent with the terms announced for its $1.8M Debt Financing arranged with a leading Canadian, non-bank lender, Rogue will issue the lender 2,250,000 bonus shares (see further detail in the March 5, 2020 news release). Based on TSX Venture Exchange's ("TSXV") guidance and the lender's agreement, the bonus shares will be held in escrow with Fasken Martineau DuMoulin LLP ("Fasken") until Rogue's completion of all conditions related to the Debt Financing.
About Rogue Resources Inc.
Rogue is a mining company focused on generating positive cash flow. Not tied to any commodity, it looks at rock value and quality deposits that can withstand all stages of the commodity price cycle. The Company includes Rogue Stone-selling quarried limestone for landscape applications from two operating quarries in Ontario; Rogue Quartz- focused on advancing its silica/quartz business with the Snow White Project in Ontario and the Silicon Ridge Project in Québec; and Rogue Timmins with the nickel resource at Langmuir and the gold potential at Radio Hill.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "intends", "target", "estimates", "projects", "continue", "potential" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved.
In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the increasing demand for Armour; the continued evolution of the product mix; the future purchase volumes and pricing of the Preferred Partners; finalization of purchase orders; operations and sales from the Bobcaygeon and Orillia Quarries and perhaps most importantly- the unpredictable outcome from the COVID-19 pandemic including the reopening of the quarries.
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: business strategies and the environment in which the Company will operate in the future; commodity prices; exploration and development costs; mining operations, drilling plans and access to available goods and services and development parameters; regulatory restrictions; the ability of the Company to obtain applicable permits; activities of governmental authorities (including changes in taxation and regulation); currency fluctuations; the global economic climate; and competition.
The Company believes that the material factors, expectations and assumptions reflected in the forward-looking statements contained in this news release are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation, those risks identified in the Company's most recent annual and interim management's discussion and analysis, copies of which are available on the Company's SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.
If the closing of the Orillia Quarry acquisition does not occur for any reason including the receipt of applicable regulatory approvals, or if revenues and/or profitability from the Bobcaygeon or Orillia Quarries are not sufficient, then there is a specific risk that the market price of the Company's securities will be negatively impacted.
The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Rogue Resources Inc.