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Thunderstruck Arranges $1 Million Private Placement to Drill Its Liwa Gold Prospect
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2020) -  Thunderstruck Resources L...
About this update from Thunderstruck Resources Ltd.
[{"type":"text","content":"Thunderstruck Arranges $1 Million Private Placement to Drill Its Liwa Gold ProspectVancouver, British Columbia--(Newsfile Corp. - June 8, 2020) -  Thunderstruck Resources Ltd. (TSXV: AWE) (OTC: THURF) (\"Thunderstruck\") announces that it has arranged a private placement of up to $1,000,000 to fund a drill program on its Liwa gold prospect in Fiji.This will be the maiden drill program on a prospect that has been the focus of sporadic surface exploration programs for decades. Only in recent years, under direction of Thunderstruck's team, has a broader geologic understanding developed for the five separate targets spanning three kilometers that make up the Liwa prospect.Recent work by Thunderstruck has yielded surface trench results highlighted by 0.61 g/t gold over 71 meters1 (Liwa Ridge) as well as rock grab samples grading as high as 55.2 g/t gold2 (Jensen's Showing) and 42 g/t gold and 1,205 g/t silver (Lower Vatuvatulevu). An IP/Resistivity geophysical survey over four line-kilometers conducted last exploration season has detailed coincident anomalies at depth that will be targeted in this drill program3.\"We're excited to raise the funds to drill our highly prospective Liwa gold asset,\" stated Bryce Bradley, Thunderstruck's President/CEO. \"With five highly prospective gold-silver targets defined so far over a three-kilometer geologic structure, the potential scope for a discovery is exceptional.\"1See Thunderstruck news release dated February 13, 20182See Thunderstruck news release dated October 1, 20193See Thunderstruck news release dated April 2, 2019Figure 1: 2019 Liwa Creek Prospect Rock Sample Results and 2020 Proposed Diamond Drill HolesTo view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/2901/57428_49296b1714554a9c_002full.jpgThe non-brokered private placement involves the sale of up to 16,666,667 units at a price of $0.06 per unit for aggregate gross proceeds of $1,000,000. Each unit will comprise one common share and one whole share purchase warrant. Each whole warrant entitles the holder to purchase a further common share at a price of $0.10 per share for a period of 5 years. The warrants are subject to accelerated exercise provisions such that if the closing price of the Company's common shares exceeds $0.20 per share for a period of 20 consecutive tradin...