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Braveheart Resources Inc. Closes $101,500 First Tranche from Alumina Financing Facility
Calgary, Alberta--(Newsfile Corp. - August 6, 2020) -  Braveheart Resources Inc. (TSXV: ...
About this update from Canadian Critical Minerals Inc
[{"type":"text","content":"Braveheart Resources Inc. Closes $101,500 First Tranche from Alumina Financing FacilityCalgary, Alberta--(Newsfile Corp. - August 6, 2020) -  Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) (\"Braveheart\" or the \"Company\") is pleased to announce that it has closed a first tranche of $101,500 from a financing facility with Alumina Partners (Ontario) Ltd. (\"Alumina\") , an affiliate of New York based private equity firm Alumina Partners LLC.As previously announced on July 15, 2020, the Company has executed an investment agreement with Alumina which provides the Company with an at-will financing facility from which the Company can draw down up to $8.0 million, at its sole discretion, in equity private placement tranches of up to $250,000. Each tranche is composed of units with each unit consisting of one common share and one common share purchase warrant, at discounts between 15 and 25 percent of the closing price of the Company's shares on the day prior to Braveheart's drawdown notice to Alumina. The exercise price of the warrants will be at a 25 per cent premium over market at the time of the issuance and the warrants will have a term of 60 months. Each draw down from the facility will be subject to TSX Venture Exchange approval. All securities will be subject to a statutory hold period that expires four months and one day from issuance.Accordingly, the Company issued 1,000,000 units at $0.1015 per unit. Each warrant is exercisable into a common share at a price of $0.1688 per share for a period of 60 months from the offering. In addition, a further $101,500 in proceeds were raised from certain arm's length subscribers. No commissions were paid in connection with the offering. The proceeds from the financing will allow the Company to continue with engineering and permitting activities at its 100% owned Bull River Mine project as well as for general working capital.The Company plans to advance the Bull River Mine project in a phased approach wherein a surface stockpile of mineralized material will provide the initial feedstock to the mill facility. In order to process the surface stockpile the Company needs to complete capital upgrades on surface including the commissioning of a new substation, installation of a flotation circuit, installation of a filtration circuit and civil works associated with the development of...