Business
Garibaldi Closes with Strategic Investor
Garibaldi Closes with Strategic Investor Canada NewsWire VANCOUVER, Oct. 2, 2017...
About this update from Garibaldi Resources Corp.
[{"type":"text","content":"\n\n\n\nGaribaldi Closes with Strategic Investor\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. 2, 2017\n\n\n\nTSXV: GGIOTC: GGIFFFrankfurt: RQM\n\n\n\nVANCOUVER, Oct. 2, 2017 /CNW/ - Garibaldi Resources (TSX.V: GGI) (the \"Company\" or \"Garibaldi\") is pleased to confirm closing of the first tranche of the Company's recently announced $6 million private placement (see September 26, 2017 news release).  The second and final tranche will close imminently. \n\nGross proceeds from the first tranche total $2,502,970 with all hard dollar and flow-through units subscribed for by Eric Sprott and 2176423 Ontario Ltd., respectively, a corporation beneficially owned by Mr. Sprott.  \n\nSteve Regoci, Garibaldi President and CEO, commented:  \"Eric Sprott is one of the most significant and accomplished investment leaders in the global resource sector.  On behalf of all Garibaldi shareholders, we welcome his support in our drive to make the E&L Nickel Mountain Project near Eskay Creek the next major discovery in northwest British Columbia's prolific Golden Triangle.\" \n\nFirst Tranche Details\n\nGaribaldi issued 1,406,500 units at $0.82 per unit with each unit consisting of one common share of the Company and one share purchase warrant exercisable at a price of $1.05 per share for a period of two years.  Garibaldi also issued an additional 1,467,000 flow-through units at $0.92 per unit with these units 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 this first closing, non-flow-through and flow-through, are subject to a 4-month hold period from the date of issuance.  \n\nAs a result of the closing of this first tranche, Eric Sprott beneficially owns and controls 9,284,593 common shares of Garibaldi and 3,951,593 share purchase warrants representing approximately 10.7% of the issued and outstanding common shares of the Company on a non-diluted basis and 14.6% on a partially diluted bas...