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TORONTO, ON – Rogue Resources Inc. (TSX-V: RRS) (“Rogue” or the “Company”) is please to announce that it has cleared a significant portion of its corporate liabilities.
In mid-January the Independent Directors of the Company authorized the sale of 250,000 shares of EV Nickel Inc. (“EVNi”), to fund repayment of Rogue’s Canadian Emergency Business Account (“CEBA”) loan and to fund other regulatory requirements (auditor, registrar, etc.). Rogue helped found EVNI in March 2021, with the spinout of its non-core Timmins assets. Rogue’s Independent Directors have since disposed of additional EVNi shares, to allow it to close the lending facility with the non-bank lender, pay outstanding HST remittances and pay other liabilities. None of the proceeds were used to repay outstanding executive compensation and Rogue continues to discuss ongoing arrangements with all remaining creditors, in addition to continuing the sales processes underway for the Ontario stone quarries which were previously announced.
Rogue, as previously disclosed, has been managing a working capital deficit since 2019 and it remains committed to addressing its financial situation in an orderly manner.
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 Quartz- focused on advancing its silica/quartz business with the Snow White Project in Ontario and the Silicon Ridge Project in Québec.
For more information visit www.rogueresources.ca or contact: