Business
Damara Gold Announces Increase to Previously Announced Financing
TheNewswire - June 2, 2021 - DAMARA GOLD CORP. (TSXV:DMR) (“Damara” or the “Company”), announces it has increased the previously announced financing (see new re
About this update from Bronco Resources Corp.
[{"type":"text","content":"TheNewswire - June 2, 2021 - DAMARA GOLD CORP. (TSXV:DMR) (“Damara” or the “Company”), announces it has increased the previously announced financing (see new release of June 1, 2021) wherein the Company has increased the Offering to include up to 5,555,555 units of the Company issued on a flow-through basis (the “FT Units”) at a price of $0.09 per FT Unit for gross proceeds of up to $500,000 (the “FT Proceeds”) and up to 6,250,000 units issued on a non-flow-through basis (the “NFT Units”) at a price of $0.08 for gross proceeds of up to $500,000 (the “NFT Proceeds”). Each FT Unit will consist of one common share in the capital of the Company (a “Common Share”) issued on a flow-through basis under the Income Tax Act (Canada) (the “Tax Act”) and one-half of one Common Share purchase warrant (each whole warrant a ”Warrant”). Each Warrant will entitle the holder thereof to purchase one non-flow-through Common Share at an exercise price of $0.15 for a period of 24 months from the date of issuance. Each NFT unit will consist of one Common Share in the capital of the Company and a Warrant as described above. The Offering remains subject to the approval of the TSX Venture Exchange. The FT Proceeds will be used by the Company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures as such terms are defined in the Tax Act related to advance the Company’s Placer Mountain Gold Project in British Columbia. All qualifying expenditures will be renounced in favour of the subscribers of the FT Units effective Dec. 31, 2021. The NFT Proceeds will be used by the Company for exploration expenditures as well as for general working capital and administrative purposes. The Company may pay finders' fees of 6% cash and 6% finders warrants (“Finder Warrant”). Each Finder Warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.15 for 24 months from closing on the same terms as the Warrants. All securities issued pursuant to the Offering are subject to a statutory four month and one day hold period from date of issuance. None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States abse...