Rome Resources Announces Private Placement Offering of up to $2,000,000 and Debt Settlement

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Vancouver, British Columbia--(Newsfile Corp. - October 30, 2023) - Rome Resources Ltd. (TSXV: RMR) (FSE: 33R) ("Rome" or the "Company") announces that further to obtaining confidential price protection from the TSX Venture Exchange on October 2, 2023, the Company is conducting a non-brokered private placement offering ("Offering") of up to 10,000,000 units in the capital of the Company at a price of $0.20 per unit, for gross proceeds of up to $2,000,000. Each unit is comprised of one common share and one share purchase warrant, where each warrant entitles the holder to purchase one additional common share at a price of $0.25 per share for two years. The Company intends to use the net proceeds from the Offering to fund exploration activities at the Bisie North Tin Project, corporate costs and for working capital. The securities issued pursuant to the Offering will be subject to a four-month statutory hold period.

One or more insiders of the Company will participate in the Offering. The Company will rely on an exemption from the related party requirements of MI 61-101 for the participation by insiders of the Company in the Offering. Any securities issued to insiders of the Company will also be subject to the TSX Venture Exchange four-month hold period.

The private placement is subject to acceptance for filing by the TSX Venture Exchange.

Debt Settlement

The Company also announces that it has issued 485,000 common shares in its capital to settle $99,425.00 in debt, which shares are restricted from trading until February 28, 2024. The debt settlement transaction has been accepted for filing by the TSX Venture Exchange.

About Rome Resources

Rome Resources Ltd. is a mineral exploration company that has entered into two option agreements and a binding term sheet to acquire direct and indirect interests in two contiguous properties situated in the Walikale District of the North Kivu Province in eastern DRC, which are collectively referred to as the "Bisie North Tin Project". Rome has completed an initial phase of drilling on the project where it is responsible to fund exploration up to the completion of a definitive feasibility study.

Contacts

Investors / Shareholders
Mark Gasson
President, CEO & Director
P: (604) 687-4160

E: info@romeresources.com

Cautionary Note Regarding Forward-Looking Statements

The information in this news release may include certain information and statements about management's view of future events, expectations, plans and prospects that may constitute forward-looking statements. Forward-looking statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although Rome Resources Ltd believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Rome Resources Ltd disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185584

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