Thunderstruck Closes Oversubscribed Private Placement
Drilling for Gold to Commence at Liwa Creek
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2020) - Thunderstruck Resources Ltd. (TSXV: AWE) (OTC: THURF) ("Thunderstruck" or "the Company") is pleased to announce that it has closed an oversubscribed non-brokered private placement for gross proceeds of $1,050,450.00, with lead order from Palisade Goldcorp Ltd.
"We are ecstatic to have raised the funds necessary to commence exploration and drilling on our primary Liwa gold asset," stated Thunderstruck President and CEO, Bryce Bradley, 'Drill rigs have been approved for mobilization to site and drilling is set to commence shortly after their arrival. Myself and our entire team are thankful to all of our new and loyal shareholders and proud to be working in a country where strict policies have led to no new COVID cases for over two months. We will continue to work closely with authorities to ensure that our practices meet or exceed the high standard outlined by Fijian governing bodies."
Liwa Creek is characterized by a series of coincident geochemical and geophysical anomalies extending over three kilometres in strike and open in all directions.
Recent work by Thunderstruck (detailed in release dated June 8, 2020) has yielded surface trench results highlighted by 0.61 g/t gold over 71 meters at Liwa Ridge (see release dated February 13, 2018) as well as rock grab samples grading as high as 55.2 g/t gold at Jensen's Showing (see release dated October 11, 2019) and 42 g/t gold and 1,205 g/t silver at Lower Vatuvatulevu. An IP/Resistivity geophysical survey over four line-kilometers conducted last exploration season has detailed coincident anomalies at depth that will be targeted in this drill program (see release dated April 2, 2019).
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Gross proceeds of $1,050,450.00 were raised through the sale of 17,507,500 units at a price of $0.06 per unit (each a "Unit"). Each Unit comprised one common share and one share purchase warrant. Each whole warrant entitles the holder to purchase a further common share at a price of $0.10 per share for five years. The Company has elected not to include an accelerated expiry option on the Warrants.
The Company paid a total of $11,520.00 in finders fees in connection with the placement.
All securities issued are subject to a hold period in Canada expiring on October 25, 2020. Additional restrictions may apply pursuant to Rule 144 of the Securities Act of 1933, as amended, to U.S. investors. The private placement is subject to regulatory approval, including the approval of the TSX Venture Exchange.
Insiders participated in the private placement acquiring an aggregate of 1,270,000 units on the same basis as other subscribers. The participation in the private placement by insiders of the Company constitutes a "related party transaction" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the private placement in so far as the private placement involved interested parties did not exceed 25% of the Company's market capitalization.
In other news, the Company has granted an aggregate of 1.7 million stock options exercisable at $0.08 per share to directors, officers, employees and consultants for periods of between three to five years.
About Palisades Goldcorp
Palisades Goldcorp is Canada's newest resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.
Viti Levu, the main island of Fiji, has a long mining history. It is on the prolific Pacific Ring of Fire, a trend that has produced numerous large deposits, including Porgera, Lihir and Grasberg. The island of Viti Levu hosts Namosi, held by a joint venture between Newcrest and Mitsubishi. Newcrest published Proven and Probable Reserves for Namosi of 1.3 billion tonnes at 0.37% Cu and 0.12 g/t Au (5.2M ounces Au and 4.9M tonnes Cu). Namosi is now undergoing environmental assessment as part of the permitting process. Lion One Metals is now developing its Tuvatu Project, with Indicated Resources of 1.1 million tonnes at 8.17 g/t Au (294,000 ounces Au), and Inferred Resources of 1.3 million tonnes at 10.6 g/t Au (445,000 ounces Au). The Vatukoula Gold Mine has been operating for 80 years, producing in excess of 7 million ounces.
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mineral exploration company that has assembled extensive and highly prospective properties in Fiji on which recent and previous exploration has confirmed VMS, copper and precious metals mineralization. The Company provides investors with exposure to a diverse portfolio of exploration stage projects with potential for zinc, copper, gold and silver in a politically safe and stable jurisdiction. Thunderstruck trades on the Toronto Venture Exchange (TSX-V) under the symbol "AWE" and United States OTC under the symbol "THURF".
Qualified Person Statement
Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, is a qualified person for the project as defined by National Instrument NI 43-101. Mr. Raffle has reviewed and approved the portion of the technical content of this news release as it relates to its Liwa gold prospect.
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Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements". Although Thunderstruck believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Thunderstruck's management on the date the statements are made. Except as required by law, Thunderstruck undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/58546