Rome Resources announces partial revocation request

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VANCOUVER, British Columbia, December 8, 2021 (GLOBE NEWSWIRE) – Rome Resources Ltd. (the “Society“) announces that it has filed an application with the British Columbia Securities Commission (the”BCSC“) for an order (the”Partial revocation order“) partially revoking the prohibition of operations (the”Stop trading“), which was issued against the Company by the BCSC on April 1, 2016 due to the Company’s failure to file annual audited financial statements for the year ended September 30, 2015, an interim financial report for the year ended December 31, 2015 and a Form 51-102A1 Management Report for the periods ended September 30, 2015 and December 31, 2015 (the “Unclassified documents“).

The only asset of the Company at present is a small amount of money. The Company’s interests in its Mexican assets were forfeited due to the non-payment of management fees.

If granted, the partial revocation order will allow the Company to undertake (1) a non-brokered private placement of 13,000,000 common shares, to be issued at a price of C $ 0.05 per common share for gross proceeds of $ 650,000 (the “Private placement“); and (2) a debt transaction action (“Debt transaction actions“) whereby the Company will issue 8,567,280 shares to settle debts at C $ 0.05 per common share (together, the private placement and the shares for the loan transaction, the”Transactions“).

The Company will use the proceeds of the private placement to: (i) complete and file undocumented documents, including pending continuous disclosure documents; (ii) pay accounts payable and unpaid debts; (iii) apply for a complete revocation of the order to cease trading; (iv) prepare and file documents to obtain re-entry and re-establishment of NEX trading and payment of associated fees; (v) carry out a preliminary assessment of potential project acquisitions; and (vi) provide general working capital.

All securities issued at the close of Transactions will be subject to a legal holding period of four months.

All securities of the Company, including the Common Shares to be issued in connection with the Transactions, will remain subject to the Cessation Order until such order is fully revoked. Whether a full revocation of the cease trade order is issued is not certain.

For more information, please contact:

Dr Georg Schnura
President, CEO and Director
Telephone: (604) 687-6140
Email: [email protected]

NO MORE THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.


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