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Brazil Resources Increases Size of Private Placement to $3.7 Million, Announces Closing of Initial Tranche of $3.4 Million
Brazil Resources Increases Size of Private Placement to $3.7 Million, Announces Closing of...
About this update from Goldmining Inc.
[{"type":"text","content":"\n\n\n\nBrazil Resources Increases Size of Private Placement to $3.7 Million, Announces Closing of Initial Tranche of $3.4 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 Increases Size of Private Placement to $3.7 Million, Announces Closing of Initial Tranche of $3.4 Million\nCanada NewsWire\nVANCOUVER, Feb. 29, 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, Feb. 29, 2016 /CNW/ - Brazil Resources Inc. (the \"Company\" or \"Brazil Resources\") (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce that, further to its news releases dated February 11 and 16, 2016, it has further increased the size of its previously announced private placement from aggregate gross proceeds of $2 million to $3.7 million, or 8,222,222 common shares at a subscription price of $0.45 per share (the \"Private Placement\"). \n\nThe Company is also pleased to announce that it has completed the initial tranche of the Private Placement and has issued 7,540,050 common shares at a price of $0.45 per share for aggregate gross proceeds of approximately $3.4 million (the \"Initial Tranche\"). \n\nAmir Adnani, Chairman, stated: \"We are very pleased with the strong interest from our existing and new shareholders, including the Company's insiders.  This financing positions us well to further execute on our business strategy of expanding our gold resources at a significant discount to their replacement value.\"\n\nIn connection with the Initial Tranche, the Company paid cash commission equal to 6% on a portion of the gross proceeds raised thereunder to certain arm's length parties in the aggregate amount of $40,500 in accordance with the policies of the TSX Venture Exchange (the \"TSXV\").  The common shares issued under the Private Placement, will be subject to a hold period expiring four months plus one day from closing in accordance with the rules and policies of the TSXV and a...