Non-brokered offering finances gold projects and Rea Uranium Project
By Devika Patel
Knoxville, Tenn., Jan. 7 – Brazil Resources Inc. said it settled a C$4.07 million oversubscribed non-brokered private placement of units. The deal priced for C$2.5 million on Dec. 15.
The company sold 7,399,870 units of one common share and one warrant at C$0.55 per unit.
Each five-year warrant is exercisable at C$0.75, a 41.51% premium to the closing share price of C$0.53 on Dec. 13.
Proceeds will be used to advance the company’s gold projects and its Rea Uranium Project, as well as for strategic initiatives, including the acquisition and exploration of additional properties, working capital and general corporate purposes.
Based in Vancouver, B.C., Brazil Resources is a gold exploration company.
| Issuer: | Brazil Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$4,069,929
|
| Units: | 7,399,870
|
| Price: | C$0.55
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | C$0.75
|
| Warrant expiration: | Five years
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 15
|
| Settlement date: | Jan. 7
|
| Stock symbol: | TSX Venture: BRI
|
| Stock price: | C$0.53 at close Dec. 13
|
| Market capitalization: | C$39.83 million
|
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