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Bullion Gold Resources Announces Closing of Its Offering
MONTRÉAL, March 28, 2022 (GLOBE NEWSWIRE) -- Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or the “Corporation” or the “Company”) is pleased to anno
About this update from Bullion Gold Resources Corp.
[{"type":"text","content":" MONTRÉAL, March 28, 2022 (GLOBE NEWSWIRE) -- Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or the “Corporation” or the “Company”) is pleased to announce that it has closed its previously announced private placement (the \"Offering\"), pursuant to which it issued 6,071,875 common share units (the “Units”) of the Corporation at a price of $0.08 per Unit for gross proceeds of $485,750. Each Unit consist of one common share, and one-half of one common share purchase warrant (each whole, a “Warrant”) with each Warrant entitling the holder to purchase one additional common share in the capital of the Corporation for a period of 18 months from the date of closing of the Private Placement, at a purchase price of $0.15 per common share. Related Party Transaction An insider of the Corporation subscribed for a total of 259,375 Units under the Offering, which is a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The issuances to the insider are exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Corporation's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the securities issued to the related party did not exceed 25% of the Corporation's market capitalization. The Corporation did not file a material change report more than 21 days before the expected closing of the Offering as the details of the Offering and the participation therein by related parties of the Corporation were not settled until shortly prior to closing and the Corporation wished to close on an expedited basis for sound business reasons. 2022 Exploration Program For the 2022 period, the Company's management intends to complete a drilling program of approximately 15,000 meters in three specific phases on the Bousquet project. The Company has obtained part of its drilling permits and is waiting to obtain another group of permits representing a total of forty holes to be drilled in the Paquin East zone and in the NE portion of the property. A first phase of about 3,000 meters should begin shortly. These ...