Business
Brazil Resources Inc. to raise up to $5,000,000 by way of a non-brokered private placement
/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\n/THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES\n OR TO BE DISSEMINATED IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH\n THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./\n\n\n\nVANCOUVER, Dec. 16, 2013 /CNW/ - Brazil Resources Inc. (the \"Company\" or\n \"Brazil Resources\") (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce\n that it intends to carry out a non-brokered private placement (the\n \"Private Placement\") of up to 9,090,910 units of the Company (each, a\n \"Unit\") at $0.55 per Unit for aggregate gross proceeds of up to\n $5,000,000. The subscription price represents a 10% premium over the\n last closing price of Brazil Resources' common shares.\n\n\nThe Company expects that significant shareholders and other insiders\n will comprise the majority of the subscribers under the proposed\n Private Placement.\n\n\nEach Unit will be comprised of one common share of the Company and one\n common share purchase warrant (the \"Warrants\"). Closing of the Private\n Placement is expected to occur within December and is subject to\n receipt of all necessary approvals, including the approval of the TSX\n Venture Exchange (the \"TSXV\") and definitive subscriptions.\n\n\nAmir Adnani, Chairman, stated: \"We are pleased with the strong interest\n in this Private Placement from insiders and existing shareholders,\n including the Company's largest shareholder, as it shows support for\n our long-term strategy. The proposed Private Placement will enable the\n Company to further execute its plan to grow through acquisitions and to\n be a consolidator in these depressed resource markets.\"\n\n\nThe Company intends to use the net proceeds from the Private Placement\n to advance the Company's São Jorge and Cachoeira projects and to incur\n expenditures for strategic initiatives, including the acquisition and\n exploration of additional mining properties, and for working capital\n and general corporate purposes.\n\n\nThe Company may pay a finder's fee to one or more arm's length parties\n on a portion of the Private Placement in accordance with the policies\n of the TSXV.  All Units, common shares and Warrants issued under the\n Private Placement will be subject to a four-month hold period from the\n closing date, in accordance with the rules and policies of the TSXV and\n applicabl...