Business
Damara Announces Financing for up to $250,000
(TheNewswire) September 5, 2023 – TheNewswire - DAMARA GOLD CORP. (TSXV:...
About this update from Bronco Resources Corp.
[{"type":"text","content":"Damara Announces Financing for up to $250,000\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n September 5,\n \n \n 2023 –\n \n \n TheNewswire -\n \n \n DAMARA GOLD\nCORP. (TSXV:DMR) (“\n \n \n Damara\n \n \n ” or the “\n \n \n Company\n \n \n ”), is\nplease to announce\n \n \n it\n \n \n will\nconduct a non-brokered private placement (the “\n \n \n Offering\n \n \n ”) for up\nto 8,333,333 units of the Company at a price of $0.03 per unit\n(“\n \n \n Unit\n \n \n ”) for gross proceeds of up to $250,000 (the\n“\n \n \n Proceeds\n \n \n ”).\n \n \n \n \n Each Unit will consist of one common share in the\ncapital of the Company (a “\n \n \n Common Share\n \n \n ”) and one-half of one warrant\n(each full warrant a “\n \n \n Warrant\n \n \n ”)\n \n \n . Each\nWarrant will entitle the holder to purchase one additional Common\nShare in the capital of the Company at a price of $0.10 for 24 months\nfrom closing.\n \n \n \n \n The Company may pay finders' fees of 5% cash and 5%\nfinders warrants (“\n \n \n Finder\nWarrant\n \n \n ”). Each Finder Warrant will entitle\nthe holder to acquire one additional Common Share in the capital of\nthe Company at a price of $0.10 for 24 months from closing on the same\nterms as the Warrants.\n \n \n \n \n All securities issued pursuant to the Offering are\nsubject to a statutory four month and one day hold period from the\ndate of closing.\n \n \n \n \n It is anticipated\n \n \n 75\n \n \n %\n \n \n of the proceeds will be used for\nexploration expenditures related to the Placer Mountain project\nlocated near Princeton,  British Columbia (the “\n \n \n Program\n \n \n ”),\n10\n \n \n % will be used for management fees for\nofficers of the Company and\n \n \n 15%\n \n \n will be used to provide working capital and general\ncorporate purposes.\n \n \n \n \n The Program will include the continuation of trenching\nand channel sampling on the 1.5km x 600m  Au soil geochem anomaly at\nthe Kodiak zone where prospecting completed in 2020 had located\nseveral areas with float samples assaying up to 70 g/t Au.  Due to\nthe excessive rain encountered in the 2021 field season, these target\nareas which were located in topographically low areas co...