Vancouver, British Columbia – June 8, 2020 (Newsfile Corp.) (Investorideas.com Newswire) Brigadier Gold Limited (TSXV: BRG.H) (the “Corporation”) is pleased to announce that the non-brokered private placement previously announced on May 11, 2020 and increased on June 1, 2020 (the “Offering”) has closed. Under the Offering, the Corporation issued an aggregate of 14,000,000 units (“Units”) at a price of $0.05 per Unit for gross proceeds of $700,000. Each Unit was comprised of one (1) common share in the capital of the Corporation (each a “Common Share”) and one (1) non-transferrable Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.10 per Common Share until June 3, 2021. All dollar amounts in this release are expressed in Canadian dollars, unless otherwise stated.
In connection with the Offering, the Corporation paid a total of $21,035 in cash to eligible finders.
All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a hold period of four months and one day, expiring on October 4, 2020, in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws.
As described in the news release of the Corporation dated May 11, 2020, the proceeds of the Offering are expected to be used to make payments under the option agreement (the “Agreement”) the Corporation entered into with Rudolf Wahl and Mike Dorval to acquire a 100% interest in the Killalla Lake South diamond property (the “Property”), subject to reservation of royalties in favor of the Wahl Group (the “Transaction”), as well as to complete a work program on the Property and for general working capital and corporate purposes.
While the Offering was being completed in connection with the Transaction, the Offering and the Transaction are not conditional upon each other. Trading in the Common Shares of the Corporation will remain halted until the TSX Venture Exchange has reviewed and approved the Transaction.
For further information, please contact:
Brigadier Gold Limited
Ranjeet Sundher, Chief Executive Officer
This news release contains statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Corporation, its directors, or its officers with respect to the future business activities of the Corporation, including, without limitation, completion of the Transaction, obtaining TSXV approval for the Transaction, the Corporation’s ability to meet the listing requirements for a Tier 2 mining issuer on the TSXV, and completing a technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Readers are cautioned that any such forward-looking statements are not guarantees of future business activities and involve…