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Blue Lagoon Resources Completes $5.7 Million Private Placement Lead by a Second Strategic Investment by Crescat Capital
VANCOUVER, BC / ACCESSWIRE / March 22, 2022 / Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG) (FSE:7BL) (OTCQB:BLAGF) is pleased to announce that the Comp
About this update from Blue Lagoon Resources Inc
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / March 22, 2022 / Blue Lagoon Resources Inc. (the \"Company\") (CSE:BLLG) (FSE:7BL) (OTCQB:BLAGF) is pleased to announce that the Company has closed a non-brokered flow through financing for proceeds of $5,746,983.84. The strategic investment by Crescat Capital LLC (\"Crescat\") provided for more than 18% of the total financing. In addition, Crescat continues to maintain its previously secured participation rights that provide for an option to participate in all future financings. \"It's very reassuring to receive a second investment from sophisticated investors like Crescat who recognize the potential of Dome Mountain for not only the near term production opportunity and the clear potential to significantly increase the known resource on the Boulder Vein, but also for the potential of an Alkali gold system with well defined targets already drilled and ready for advancement as well as multiple targets ready for drill testing in 2022.\" said Rana Vig, President & CEO of Blue Lagoon Resources. \"With this new capital raise, an existing healthy treasury, no debt, and over $4 million in-the-money warrants, the Company is well funded and well situated to execute on its exploration plans in 2022.\" he added. World renowned geologist, Dr. Quinton Hennigh, Crescat Capital's strategic technical advisor commented, \"looking at dozens upon dozens of companies every month, we believe we identified the opportunity in Blue Lagoon early and are pleased to add to our investment in the company and are excited about the recent drilling results released by Blue Lagoon and continue to believe in the significant potential of the Dome Mountain project. With this new funding, Blue Lagoon is well situated to execute on its aggressive 20,000 meter drill program, one that could see Dome Mountain well on its way to becoming a world class deposit,\" he said. FINANCING DETAILS The private placement (the \"Private Placement\") consisted of 7,367,928 flow-through units (\"FT Units\") at a price of $0.78 per Unit, for aggregate gross proceeds to the Company of $5,746,983.84. Each of the FT Units is comprised of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant is exercisable into one common share of the Company at an exercise price of either $0.78 or $0.90 per share until Apri...