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Big Ridge Gold Announces Closing of $5.0 Million Brokered Private Placement and Strategic Investment by Michael Gentile, CFA
Toronto, Ontario--(Newsfile Corp. - June 30, 2021) - Big Ridge Gold Corp. (TSXV: BRAU) (" Big ...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Big Ridge Gold Announces Closing of $5.0 Million Brokered Private Placement and Strategic Investment by Michael Gentile, CFAToronto, Ontario--(Newsfile Corp. - June 30, 2021) - Big Ridge Gold Corp. (TSXV: BRAU) (\"Big Ridge\" or \"Company\") is pleased to announce that it has closed its previously announced brokered private placement (the \"Offering\") of 24,390,500 flow-through units (the \"Units\") of the Company at a price of C$0.205 per Unit, for aggregate gross proceeds of $5,000,052. Clarus Securities Inc. (\"Clarus\") acted as lead agent and sole bookrunner in connection with the Offering. Each Unit consists of one flow-through common share (an \"FT Share\") of the Company and one common share purchase warrant (a \"Warrant\") of the Company. Each Warrant is exercisable into one common share of the Company at a price of C$0.18 per common share for a period of 24 months from the closing of the Offering. The FT Shares and Warrants comprising the Units qualify as \"flow-through shares\" as defined in subsection 66(15) of the Income Tax Act (Canada) (\"ITA\").As consideration for its services in connection with the Offering, Clarus received a cash commission equal to 6.0% of the gross proceeds of the Offering and broker warrants (the \"Broker Warrants\") of the Company in an amount equal to 6.0% of the aggregate number of Units sold pursuant to the Offering. Each broker Warrant is exercisable to purchase one common share of the Company at a price of C$0.205 per common share for a period of 24 months from the closing date of the Offering. The Company intends to use the net proceeds of the Offering to fund exploration of the Hope Brook Gold Project. The gross proceeds from the Offering will be used to incur Canadian exploration expenses that are \"flow-through mining expenditures\" (within the meaning of subsection 66(15) of the ITA) (the \"Qualifying Expenditures\") related to the Hope Brook Gold Project. The Qualifying Expenditures will be renounced to the subscribers with an effective date no later than December 31, 2021 in an aggregate amount of not less than the total amount of the gross proceeds raised from the Offering.In conjunction with the offering, Mr. Michael Gentile has acquired 9,150,000 units of the Company with each unit comprising of one common share of the Company and one common share purchase warrant such...