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Rockland Resources ( (TSE:RKL) ) has provided an update.
Rockland Resources has closed the final tranche of its previously announced non-brokered private placement, issuing 1,120,000 units at $0.10 per unit for gross proceeds of $112,000, with each unit consisting of one common share and one transferable warrant exercisable at $0.15 for 36 months. The completion of this tranche brings the total financing to 12,000,000 units and $1.2 million in gross proceeds, which will be used to advance the company’s Cole Gold Mines project in Red Lake, Ontario, and for general working capital, providing additional funding to support exploration activities and potentially strengthen Rockland’s position in the gold exploration sector; all shares issued are subject to a four‑month hold period under Canadian securities laws.
Spark’s Take on TSE:RKL Stock
According to Spark, TipRanks’ AI Analyst, TSE:RKL is a Underperform.
Rockland Resources has a low overall score primarily due to significant financial challenges, including no revenue generation and continuous losses. Valuation concerns persist with a negative P/E ratio. However, recent strategic corporate actions provide some optimism for future improvement, although they are not yet sufficient to offset the financial weaknesses.
To see Spark’s full report on TSE:RKL stock, click here.
More about Rockland Resources
Rockland Resources Ltd. is a Vancouver-based mineral exploration company focused on acquiring and advancing mineral property assets, with current efforts centered on projects such as the Cole Gold Mines property in Red Lake, Ontario, for the benefit of its shareholders.
Average Trading Volume: 160,399
Technical Sentiment Signal: Buy
Current Market Cap: C$4.14M
See more data about RKL stock on TipRanks’ Stock Analysis page.