Business
Blackrock Announces Private Placement, Conditional Approval of Silver Cloud Transaction and Grant of Incentive Stock Options
Vancouver, British Columbia--(Newsfile Corp. - February 2, 2018) - Blackrock Gold Corp. (TSXV:...
About this update from Blackrock Silver Corp
[{"type":"text","content":"Blackrock Announces Private Placement, Conditional Approval of Silver Cloud Transaction and Grant of Incentive Stock OptionsVancouver, British Columbia--(Newsfile Corp. - February 2, 2018) - Blackrock Gold Corp. (TSXV: BRC) (the \"Company\") is pleased to announce a non-brokered private placement (the \"Private Placement\") of up to 8,000,000 units (the \"Units\") at a price of $0.10 per Unit, for gross proceeds of up to $800,000. 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 $0.20 per share, for a period of two years from the date the Units are issued. If during the exercise period of the warrants, but after the resale restrictions on the shares have expired, the Company's shares trade at or above a weighted average trading price of $0.40 per share for 15 consecutive trading days, the Company may accelerate the expiry time of the warrants by giving written notice to warrant holders that the warrants will expire 30 days from the date of providing such notice.A portion of the Private Placement may be completed in accordance with the exemption set out in BC Instrument 45-536 (Exemption from prospectus requirement for certain distributions through an investment dealer) (the \"Investment Dealer Exemption\"). In accordance with the requirements of the Investment Dealer Exemption, the Company confirms there is no material fact or material change related to the Company which has not been generally disclosed.The proposed financing is required to meet certain of the conditions for acceptance by the TSX Venture Exchange (the \"Exchange\") for the proposed transaction announced by the Company on October 31, 2017. The Company announced at that time that the Company had entered into a lease agreement with Pescio Exploration LLC with respect to 552 unpatented lode mining claims situated in Elko, County, Nevada, known as the Silver Cloud Project. The Exchange has conditionally accepted the proposed property transaction subject to, among other things, Company completing an equity financing of at least $800,000.Assuming the Private Placement is fully subscribed, the Company plans to allocate the gross proceeds of the Private Placement as to: (i) mineral exploration work and op...