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Blackrock Announces $2.75 Million Private Placement; to Present at Metals Investor Forum
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2020) - Blackrock Gold Corp. (TSXV: BRC)...
About this update from Blackrock Silver Corp
[{"type":"text","content":"Blackrock Announces $2.75 Million Private Placement; to Present at Metals Investor ForumVancouver, British Columbia--(Newsfile Corp. - May 8, 2020) - Blackrock Gold Corp. (TSXV: BRC) (the \"Company\") is pleased to announce a non-brokered private placement (the \"Offering\") of up to 13,750,000 units (the \"Units\") at a price of $0.20 per Unit for gross proceeds of up to $2,750,000. Each Unit is comprised of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.30 per share for a period of three years from the date the Units are issued. The Company is reserving the right to increase the Offering to issue up to 17,500,000 Units at $0.20 per Unit to raise a total of up to $3,500,000.The Offering is scheduled to close on or about May 22, 2020, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The common shares to be issued under the Offering will have a hold period of four months and one day from the closing. The net proceeds of the Offering will be used by the Company to fund a planned 7,000 meter RC drilling program (See news April 27, 2020) and evaluate historic mineralized mine dumps and tailings surface material (See news May 7, 2020) on the Company's Tonopah West property. In addition, the Company is to continue to advance on its 2020 exploration program at the Silver Cloud property (see news January 10, 2020), with additional proceeds to be used for general working capital.The Company may pay finder's fees on a portion of the Offering of up to 7% in cash and, for those applicable, finder's warrants equal to 7% of such Units placed by the finder, each finder’s warrant exercisable for one common share for a 3-year term at a price of $0.30. The finder's fees shall be paid in accordance with applicable securities laws and the policies of the TSX Venture Exchange.It is anticipated that certain directors, officers and other insiders of the Company may acquire Units under the Offering. Such participation will be considered to be \"related party transactions\" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101-Protection of Minority Security Holde...