Business
Blue Moon Announces Closing of $300,000 Financing; Grant of Stock Options
VANCOUVER, BC / ACCESSWIRE / October 6, 2020 / Blue Moon Zinc Corp. (TSXV:MOON) US (OTC PINK...
About this update from Blue Moon Metals Inc
[{"type":"text","content":"Blue Moon Announces Closing of $300,000 Financing; Grant of Stock OptionsVANCOUVER, BC / ACCESSWIRE / October 6, 2020 / Blue Moon Zinc Corp. (TSXV:MOON) US (OTC PINK:BMOOF) (the \"Company\") announces it has closed a non-brokered private placement of $300,000 at a price of $0.035 per unit (the \"Unit) with each Unit consisting of one common share and one-half common share purchase warrant (a \"Warrant\"). Each whole Warrant shall entitle the holder thereof to acquire one common share at a price of $0.07 per share until October 1, 2022. Proceeds of the financing will be for general working capital. The common shares forming part of the Units and any shares issued upon the exercise of the Warrants are subject to a hold period which expires on February 2, 2021.Stock OptionsThe Company granted 3,650,000 stock options to officers, directors and advisors, each option being exercisable for a five year term at a price of $0.05 per common share. All options vest over twelve months with a quarter vesting every three months and are governed by the terms and conditions of the Company's stock option plan.Debt SettlementThe Company has agreed to settle $56,480 of debt with Patrick McGrath, the Chief Executive Officer of the Company, through the issue of an aggregate of 1,613,714 common shares at a deemed price of $0.035 cents per share. The settlement is subject to regulatory approval.About Blue MoonBlue Moon (TSX.V: MOON; OTC: BMOOF) is currently advancing its Blue Moon polymetallic deposit which contains zinc, gold, silver and copper in partnership with Platina Resources Limited. The deposit is open at depth and along strike. The Blue Moon 43-101 Mineral Resource includes 7.8 million inferred tons at 8.07% zinc equivalent (4.95% zinc, 0.04 oz/t gold, 0.46% copper, 1.33 oz/t silver), containing 771 million pounds of zinc, 300,000 ounces of gold, 71 million pounds of copper, and 10 million ounces of silver. The 43-101 Mineral Resource report dated November 14, 2018 was authored by Gary Giroux, P. Eng., and Lawrence O'Connor, a QP, and entitled \"Resource Estimate for the Blue Moon Massive Sulphide Occurrence\". The 43-101 and related press release with details on the resource are available on the company's website and were filed on www.sedar.com on November 20, 2018. The Company also holds 100% of the Yava polymetallic project in Nunavut that...