Business
Damara Announces Flow-Thru and Non-Flow Financing for up to $750,000
(TheNewswire) May 23 , 2023 – TheNewswire - DAMARA GOLD CORP. (TSXV:...
About this update from Bronco Resources Corp.
[{"type":"text","content":"Damara Announces Flow-Thru and Non-Flow Financing for up to $750,000\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n May 23\n \n \n ,\n \n \n 2023 –\n \n \n TheNewswire -\n \n \n DAMARA GOLD CORP. (TSXV:DMR) (“\n \n \n Damara\n \n \n ” or the\n“\n \n \n Company\n \n \n ”), is please to announce\n \n \n it\n \n \n will conduct a non-brokered private placement\n(the “\n \n \n Offering\n \n \n ”) for gross proceeds of up to $750,000.\n \n \n The Company is pleased to offer the 30% Critical Mineral\nExploration Tax Credit which was introduced to support specified\ncritical minerals exploration expenditures incurred in Canada.\n \n \n \n \n The Offering will consist of a combination of (i) up to\n7,142,857 units of the Company issued on a flow-through basis (the\n“\n \n \n FT Unit\n \n \n ”) at a price of $0.07 per FT Unit for gross proceeds of up\nto $500,000 (the “\n \n \n FT\nProceeds\n \n \n ”) and (ii), up to 5,000,000 units of\nthe Company issued on a non-flow-through basis (the “\n \n \n NFT Units\n \n \n ”) at a\nprice of $0.05 for gross proceeds of up to $250,000 (the\n“\n \n \n NFT Proceeds\n \n \n ”).\n \n \n \n \n Each FT Unit will consists of one common share that\nwill qualify as a “flow-through share” within the meaning of\nthe\n \n \n Income Tax\nAct\n \n \n (Canada) and the\n \n \n Taxation Act\n \n \n (Québec) and one common share purchase warrant (a\n“\n \n \n Warrant\n \n \n ”) with each Warrant exercisable at a price of $0.10 per\nshare for a period of two years following closing.\n \n \n \n \n The Company intends to use the FT Proceeds to incur\nCanadian Exploration Expenses and “flow-through mining\nexpenditures” as defined in the\n \n \n Income Tax Act\n \n \n (Canada) and the\n \n \n Taxation Act\n \n \n (Québec) on the Company’s\nexploration program at its VanLab Property located\n \n \n in the Quebec territory of Nunavik 200 km north of\nSchefferville and 200 km south of Kuujjuaq\n \n \n ,\nwhich will be incurred on or before December 31, 2024, and renounced\nwith an effective date no later than December 31, 2023 to the\nsubscribers of FT Units in an aggregate amount not less than the gross\nproceeds from the sale of the F...