Business
Brascan Gold Increases Private Placement from $2.4M to $3.6M Due to Strong Demand from Strategic Investors and Existing Shareholders
Vancouver, British Columbia--(Newsfile Corp. - January 19, 2022) - Brascan Gold Inc. (CSE: BRAS) ("Brascan" or the "Company") is pleased to announce that it is
About this update from Westgold Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - January 19, 2022) - Brascan Gold Inc. (CSE: BRAS) (\"Brascan\" or the \"Company\") is pleased to announce that it is increasing the maximum amount of its non-brokered private placement from $2.4 million to $3.6 million due to strong demand from strategic investors and existing shareholders. Each private placement Unit consists of one (1) share (each, a \"Share\") and one-half-of-one (1/2) transferable Share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one (1) additional Share of the Company for a period of two (2) years from closing at a price of $0.40 per Share. Balbir Johal, Director and CEO, stated, \"Due to market demand for our $0.30 unit offering, Brascan has increased the $ 2.4 million financing to $ 3.6 million,\" and further commented, \"This financing will enable Brascan to develop the Alegre Gold Project and acquire additional promising gold properties in Brazil. This project is near established infrastructure and located on the same gold mineralization trend as Goldmining Inc.'s advanced Cachoeira gold project 15 km to the north as well as Oz Minerals' CentroGold Project 30 km to the south (considered one of Brazil's largest undeveloped gold projects). Other adjacent neighbors to the Alegre Gold Project include Kinross Brasil Mineração and IAM Gold Corp.\" In addition to funding the acquisition and development of the properties in Brazil, the Company intends to use the flow-through proceeds from a previous Private Placement towards exploration expenditures at the Company's Black Cat and Middle Arm Fault properties located in the mine-friendly region of Baie Verte, Newfoundland. The province of Newfoundland and Labrador is ranked among the top 10 mining jurisdictions worldwide by the Fraser Institute. The Baie Verte district in northwestern Newfoundland boasts excellent infrastructure, including a deep water port facility in Pine Cove, a local assay laboratory, local mining and drilling contractors, high transmission lines, easy access to supplies, a regional airport and local hospitals, schools and hotels. About Brascan Gold Inc. The Company is a gold exploration issuer based in Vancouver, BC. The Company holds an option over the Vulcan Property, located in the Fort Steele Mining Division in southeastern BC and the Middle ...