Brigadier Announces Increase to Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 1, 2020) - Brigadier Gold Limited (TSXV: BRG.H) (the "Corporation") announces that further to its announcement on May 11, 2020 regarding the non-brokered private placement of up to 7,000,000 units (the "Units") of the Corporation at a price of $0.05 per Unit for aggregate gross proceeds of up to $350,000 (the "Offering"), the Corporation has increased the offering to up to 14,000,000 Units for aggregate gross proceeds of up to $700,000. The Units will be comprised of one common share in the capital of the Corporation ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share for $0.10 for a period of one year following the date of closing of the Offering. The Corporation may pay a commission or finder's fee to qualified non-related parties of up to 7% of the gross proceeds of the Offering, in cash.
As further described in the news release of the Corporation dated May 11, 2020, the Corporation has entered into an option agreement (the "Agreement") with Rudolf Wahl and Mike Dorval to acquire a 100% interest in the Killala Lake South diamond property, consisting of forty-six (46) cell claims units located in Killala Lake, Foxtrap Lake Area Townships, Thunder Bay Mining District, Ontario (the "Property"), subject to reservation of royalties in favor of the Wahl Group (the "Transaction"). The Offering is being completed in connection with the Transaction.
The proceeds of the Offering are expected to be used to make payments under the Agreement, to complete the work program on the Property as recommended in the technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), and for general working capital and corporate purposes.
Completion of the Offering and Transaction are subject to regulatory approval, including TSXV approval, and in the case of the Transaction, the completion of a technical report on the Property in accordance with NI 43-101. The Corporation has applied to the TSXV to be listed as a Tier 2 mining issuer concurrent with the completion of the Transaction and the Offering. The Common Shares and Warrants issued will be subject to a four month hold from the date of the closing of the Offering.
Trading in the Common Shares of the Corporation will remain halted until the TSXV 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 and the Offering, 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 NI 43-101. Readers are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Corporation's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Corporation, equity market conditions including without limitation, the impact of the COVID-19 pandemic, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Corporation does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56909