Business
Brazil Resources Inc. to raise up to $2,500,000 by way of a non-brokered private placement; announces management changes
/THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES OR TO BE DISSEMINATE...
About this update from Goldmining Inc.
[{"type":"text","content":"\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, Dec. 15, 2014 /CNW/ - Brazil Resources Inc. (the \"Company\" or \"Brazil Resources\") (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce that it intends to carry out a non-brokered private placement (the \"Private Placement\") of up to 4,545,455 units of the Company (each, a \"Unit\") at $0.55 per Unit for aggregate gross proceeds of up to $2,500,000. The subscription price represents approximately a 10% premium over the 5-day volume-weighted average price of Brazil Resources common shares on the TSX Venture Exchange (the \"TSXV\").\n\nEach Unit will be comprised of one common share of the Company and one common share purchase warrant (the \"Warrants\"). Closing of the Private Placement is expected to occur within December 2014 and is subject to receipt of all necessary approvals, including the approval of the TSXV and receipt of definitive subscriptions. \n\nThe Company expects that significant shareholders and other insiders will comprise the majority of the subscribers under the proposed Private Placement.\n\nAmir Adnani, Chairman, stated: \"We are pleased with the continued support from insiders and existing shareholders, including Casey Capital Strategies, the Company's largest shareholder, which demonstrates support for our long-term strategy.\" \n\nThe Company intends to use the net proceeds from the Private Placement to advance its gold projects and its Rea Uranium Project and for strategic initiatives, including the acquisition and exploration of additional mining properties, and for working capital and general corporate purposes. \n\nThe Company may pay a finder's fee to one or more arm's length parties on a portion of the Private Placement in accordance with the policies of the TSXV.  All Units, common shares and Warrants issued under the Private Placement will be subject to a four-month hold period from the closing date, in accordance with the rules and policies of the TSXV and applicable Canadian securities laws and such other restriction as may apply under foreign securities laws. Each Warrant will entitle the holder thereof to acquire one common share at an exercise pri...