Business
Damara Announces Completion of Financing for $750,000
(TheNewswire) June 1, 2021 – TheNewswire - DAMARA GOLD CORP. (...
About this update from Bronco Resources Corp.
[{"type":"text","content":"Damara Announces Completion of Financing for $750,000\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n June 1, 2021 –\n \n \n TheNewswire -\n \n \n DAMARA GOLD CORP. (TSXV:DMR)\n \n \n (OTC:SLMZF)\n \n \n (“\n \n \n Damara\n \n \n ” or the\n“\n \n \n Company\n \n \n ”),\n \n \n announces it has completed the\npreviously announced financing (\n \n \n see new release of May 5, 2021 and May 25, 2021)\n \n \n effective May 31, 2021\n \n \n wherein the\nCompany has issued\n \n \n 6,111,111 units of the\nCompany on a flow-through basis (the “\n \n \n FT Units\n \n \n ”) at a\nprice of $0.09 per FT Unit for gross proceeds of up to $550,000 (the\n“\n \n \n FT Proceeds\n \n \n ”) and issued 2,857,143 units of the Company on a\nnon-flow-through basis (the “\n \n \n NFT Units\n \n \n ”) at a price of $0.07 for gross\nproceeds of up to $200,000 (the “\n \n \n NFT Proceeds\n \n \n ”)\ncollectively the “\n \n \n Offering\n \n \n ”.\n \n \n \n \n Each\n \n \n FT\n \n \n Unit consists of one common share in the capital of the\nCompany (a “\n \n \n Common\nShare\n \n \n ”) issued on a flow-through basis under\nthe\n \n \n Income Tax\nAct\n \n \n (Canada) (the “\n \n \n Tax Act\n \n \n ”) and\none-half of one Common Share purchase warrant (each whole warrant a\n”\n \n \n Warrant\n \n \n ”). Each Warrant entitles the holder thereof to purchase\none non-flow-through Common Share at an exercise price of $0.15 until\nMay 31, 2023.\n \n \n \n \n Each NFT unit will consist of one\nCommon Share in the capital of the Company and a Warrant as described\nabove.\n \n \n \n \n The FT Proceeds will be used by the Company to incur\neligible Canadian exploration expenses that will qualify as\nflow-through mining expenditures as such terms are defined in the Tax\nAct related to advance the Company’s Placer Mountain Gold Project in\nBritish Columbia. All qualifying expenditures will be renounced in\nfavour of the subscribers of the FT Units effective Dec. 31, 2021.\n \n \n The NFT Proceeds will be used by the Company\nfor exploration expenditures as well as for general working capital\nand administrative purposes.\n \n \n \n \n The Company has paid a aggregate cash finders' fees of\n$37,896 cash and issued 444,00...