Business
Garibaldi Closes $6 Million Financing
Garibaldi Closes $6 Million Financing Canada NewsWire VANCOUVER, Oct. 4, 2017 ...
About this update from Garibaldi Resources Corp.
[{"type":"text","content":"\n\n\n\nGaribaldi Closes $6 Million Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Oct. 4, 2017\n\n\n\nTSXV: GGIOTC: GGIFFFrankfurt: RQM\n\n\n\n\n\nVANCOUVER, Oct. 4, 2017 /CNW/ - Garibaldi Resources (TSX.V: GGI) (the \"Company\" or \"Garibaldi\") is pleased to confirm closing of the final tranche of the Company's recently announced $6 million private placement (see September 26, 2017 news release).  \n\nGross proceeds from the final tranche total $3,497,120 with hard dollar and flow-through units fully subscribed for by institutional resource funds.  \n\nSteve Regoci, Garibaldi President and CEO, commented:  \"We're grateful for the financial vote of confidence by Eric Sprott and institutional funds in the exciting developments at our 100%-owned E&L Nickel Mountain Project near Eskay Creek.  We accelerated the program last month, as stated in our September 1 news release, and aggressive drilling continues.  We look forward to providing investors with a detailed exploration update in the very near future.\"  \n\nFinal Tranche Details\n\nGaribaldi issued 1,216,000 units at $0.82 per unit with each unit consisting of one common share of the Company and one full share purchase warrant exercisable at a price of $1.05 per share for a period of two years. Garibaldi also issued an additional 2,717,391 flow-through units at $0.92 per unit with each unit consisting of one common share of the Company and one half of one share purchase warrant exercisable at a price of $1.05 per share for a period of two years. All units from the private placement, non-flow-through and flow-through, are subject to a 4-month hold period from the date of issuance.  This tranche included a finder's fee totaling $248,552.56, paid to EMD financial Inc.  The $6 million financing is subject to final TSX Venture approval.  \n\nUse of Proceeds\n\nProceeds from the flow-through portion will be used to advance the E&L Nickel Mountain Project and other Garibaldi properties in the Eskay Camp and elsewhere in British Co...