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Brionor Resources Closes Atala Acquisition and 1st Tranche of Financing
TORONTO, ONTARIO--(Marketwired - May 9, 2017) - Brionor Resources Inc. ("Brionor" or the "Company") (TSX VENTURE:BNR) is pleased to announce the closing of (i)
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - May 9, 2017) - Brionor Resources Inc. (\"Brionor\" or the \"Company\") (TSX VENTURE:BNR) is pleased to announce the closing of (i) its acquisition of Atala Resources Corporation (\"Atala\"), a private Ontario mining exploration company that holds a portfolio of exploration properties in Santa Cruz Province, Argentina, and (ii) the first tranche of its concurrent private placement financing for minimum proceeds of $680,000 and maximum proceeds of $1,000,000 (the \"Offering\") (See Press Releases of the Company dated March 2, 2017 and May 3, 2017 for more details on the transaction and the Offering). Brionor entered into a Definitive Share Purchase Agreement (the \"Agreement\") dated March 1, 2017 with Atala and the shareholders of Atala (the \"Atala Shareholders\"); whereby Brionor proposed to acquire (the \"Acquisition\") all of the issued and outstanding shares of Atala. The value attributable to this Acquisition is approximately $750,000 as Brionor will issue $300,000 in Brionor common shares at a deemed price of $0.05 per Brionor Share and assume approximately $450,000 in loans made by Brionor to Atala since February 2013. Under the Agreement, the Atala Shareholders received a total of 6,000,000 Brionor Shares. Concurrent with the closing of the Acquisition, the Company has completed the first tranche of the Offering consisting of 13,720,928 units (the \"Units\") of Brionor for gross proceeds of $686,046. Each Unit consists of one common share and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to acquire one common share of the Company at a price of $0.075 until May 5, 2019. Finders fees in the amount of $10,500 were paid in conjunction with the Offering. The shares and warrants issued in conjunction with the Acquisition and the Offering are subject to a four month hold period ending on September 6, 2017. The Acquisition and Offering remain subject to the final approval of the TSX Venture Exchange. About Atala Resources Corp. Atala's exploration property portfolio spans approximately 103,000 hectares in 7 independent areas in the highly prospective Province of Santa Cruz, Argentina. Atala, through its 100% owned subsidiary (Atala Argentina S.A.) owns the mining rights to the El Monte, Gertrudis, Boleadora group and Katrina projects. The El Meridano, Covadon...