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Golden Birch Resources Inc. Announces Closing of the Final Tranche of Private Placement for Total Gross Proceeds of $1.7m
TIMMINS, ON / ACCESSWIRE / August 27, 2020 / Golden Birch Resources Inc. (CSE:GBRX) ("Golden Birch" or the "Company") announces that, in connection with its pre
About this update from Loyalist Exploration Limited
[{"type":"text","content":" TIMMINS, ON / ACCESSWIRE / August 27, 2020 / Golden Birch Resources Inc. (CSE:GBRX) (\"Golden Birch\" or the \"Company\") announces that, in connection with its previously announced private placement (the \"Offering\"), the Company has completed the third and final tranche (\"Final Tranche\") of the Offering, for aggregate gross proceeds $1,724,501.85. The Offering was composed of the sale of units (\"Units\") of the Company at a price of C$0.15 per Unit. Each Unit consisted of one common share in the capital of the Company (\"Share\") and one Share purchase warrant (\"Warrant\"). Each whole Warrant shall entitle the holder to purchase one additional Share at an exercise price of C$0.20 per Share, for a period of five (5) years from the date of issuance. The Final Tranche consisted of the sale of 303,335 Units for aggregate gross proceeds of C$45,500.25. The first tranche consisted of the sale of 7,500,000 Units for aggregate gross proceeds of C$1,125,000 and the second tranche consisted of the sale of 3,693,334 Units for aggregate gross proceeds of C$554,001.50. All securities issued and issuable pursuant to the Offering will be subject to a hold period of four months and one day from the date of issuance. Completion of the Offering is subject to the receipt of all regulatory approvals, including the approval of the Canadian Securities Exchange (CSE). Alan Martin, President and CEO of Golden Birch stated, \"We are pleased with the overall offering and welcomes the introduction of new shareholders to its register. Golden Birch intends to use the proceeds from the Offering to commence its maiden drilling program at the Omu prospect, one of four high priority prospects at the Keveri project. The Keveri project is located approximately 200 kilometres southeast of Port Moresby, Papua New Guinea.\" Use of Proceeds The Company intends to use the proceeds from the Offering for exploration on the Keveri project, specifically, the drill testing of key targets at the flagship Omu prospect. It is also the Company's intention to re-commence some exploration work at the nearby Waki and Urua-Everi prospects. Management believes that all of its key prospects, especially Omu, Waki, Urua-Everi and Daru-Araboro have certain characteristics of tier-1 copper-gold porphyry deposits. Funds will also be used for working capital, corporate overhead an...