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Brazil Resources Further Increases Size of Private Placement to $9.0 Million and Announces Closing of Initial Tranche of $6.4 Million
Brazil Resources Further Increases Size of Private Placement to $9.0 Million and Announces...
About this update from Goldmining Inc.
[{"type":"text","content":"\n\n\n\nBrazil Resources Further Increases Size of Private Placement to $9.0 Million and Announces Closing of Initial Tranche of $6.4 Million\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\nBrazil Resources Further Increases Size of Private Placement to $9.0 Million and Announces Closing of Initial Tranche of $6.4 Million\nCanada NewsWire\nVANCOUVER, Nov. 8, 2016\n\n\n\n/THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES OR TO BE DISSEMINATED IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./\n\n\n\nVANCOUVER, Nov. 8, 2016 /CNW/ - Brazil Resources Inc. (the \"Company\" or \"Brazil Resources\") (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce that, further to its press releases dated October 28 and October 31, 2016, it has further increased the size of its previously announced private placement (the \"Private Placement\") from aggregate gross proceeds of $6.0 million to $9.0 million, or 3,600,000 units (the \"Units\") at a price of $2.50 per Unit, as a result of strong interest received from existing and new investors.\n\nThe Company is also pleased to announce that it has completed the initial tranche of the Private Placement and has issued 2,580,732 Units for gross proceeds of $6,451,830 (the \"Initial Tranche\"). \n\nAs previously disclosed, each Unit consists of one common share of the Company and one half of a common share purchase warrant, each such warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of $3.50 up to three years after the issuance thereof. \n\nThe Company intends to use proceeds from the Private Placement to bolster its ongoing acquisition strategy and for general working capital needs.\n\nClosing of the balance of the Private Placement is subject to receipt of all necessary approvals, including approval of the TSX Venture Exchange (the \"TSXV\") and receipt of definitive subscriptions. The securities issued under the Private Placement will be subject to a four month hold period from the date of issuance, in the...