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RogueUpdate: Repays Debt Facility, CEBA, CRA and other liabilities

Press Release

  • Repaid the $1.8M debt facility in full, including $315K of additional interest
  • Received termination and discharge letter, frees all assets, which have been held as security since March 2020
  • Repaid $40K CEBA loan before the increase deadline and $233K to the Canada Revenue Agency

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.

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