Business
Blackrock Gold Closes First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2020) - Blackrock Gold Corp.&#x...
About this update from Blackrock Silver Corp
[{"type":"text","content":"Blackrock Gold Closes First Tranche of Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 30, 2020) - Blackrock Gold Corp. (TSXV: BRC) (\"Blackrock\" or the \"Company\") is pleased to announce the closing of the first tranche of its non-brokered private placement previously announced on January 10, 2020. The Company issued a total of 2,685,000 units of the Company (\"Units\") at a price of $0.20 per Unit for gross proceeds of $537,000 (the \"Private Placement\"). Each Unit consisted of one common share of the Company (\"Common Share\") and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.30 until January 30, 2022.Proceeds from the Private Placement will be used by the Company to fund the 2020 drilling program and exploration work on the Company's Silver Cloud property, and general working capital.On closing, the Company paid a cash commission of $1200, representing 6% of the proceeds raised in respect of a portion of the Private Placement. The Common Shares and Warrants issued in connection with the Private Placement and the Common Shares issuable upon exercise of Warrants are subject to a hold period expiring May 31, 2020. The Private Placement is subject to final approval of the TSX Venture Exchange.Certain directors, officers and other insiders of the Company purchased or acquired direction and control over a total of 2,100,000 units under the Private Placement. The placement to those persons constitutes a \"related party transaction\" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101). Further details will be include...