Boreal Metals Corp. (TSX-V:BMX) is pleased to announce it has closed its non-brokered private placement previously announced on January 30, 2019. Due to increased demand, the previously announced private placement was increased from approximately 10,526,316 to 17,060,934 units of the Company at a price of $0.095 per Unit for gross proceeds of approximately $1,620,000.

“We want to especially thank EMX Royalty for their constant support of our exploration efforts,” stated Karl Antonius, CEO and President. “EMX’s participation, along with management and insiders, has accounted for a significant part of this financing, recognizing the importance of our drilling results and bringing focus to the opportunity our shareholders may have in front of them.”

Each Unit consists of one common share and one warrant, with each warrant being exerciseable for one additional common share at a price of $0.15 for a period of 24 months from the date of issue. All securities issued under the private placement will be subject to statutory hold periods expiring four months and one day from the issue date. The TSX Venture Exchange has conditionally approved the private placement, subject to customary final filings.

In connection with the private placement, the Company paid certain arm’s length finders, finders’ fees totalling $18,240 and 120,800 Units. 

The proceeds of the private placement will support current exploration and further drilling at the Company’s Gumsberg property and for general working capital purposes. 

About Boreal Metals Corp.

Boreal is a mineral exploration company focused on the discovery of Zinc, Copper, Silver, Gold and Cobalt deposits in exceptional, historical mining project areas spanning Sweden and Norway. The Company aims to discover new economic mineral deposits in known mining districts that have seen little or no modern exploration techniques. The Company is led by an experienced management team and technical team, with successful track records in mineral discovery, mining development and financing.