Blackrock Gold Corp. (TSX-V: BRC) is pleased to announce the completion of its non-brokered private placement previously announced on July 22, 2020. Eric Sprott purchased C$5.0 million of the Private Placement. The Company issued a total of 10,416,667 units at a price of C$0.72 per Unit for gross proceeds of C$7.5 million. Each Unit consisted of one common share of the Company and one-half of one common share purchase warrant. Each Warrant entitles the holder to acquire one Common Share at an exercise price of C$1.00 until July 31, 2022.
The Company intends to use the net proceeds of the Private Placement to fund an expanded exploration program on the Company’s Tonopah West property and for general working capital.
In connection with the closing of the Private Placement, the Company paid Red Cloud Securities Inc., Mackie Research Capital Corporation and PI Financial Corp. finders’ fees in cash totalling C$399,280.32, representing 6% of the proceeds raised from Units placed by the finders and issued to the finders a total of 554,556 non-transferable finder warrants, representing 6% of the Units placed by such finders. Each Finder Warrant entitles the holder to acquire one Common Share at an exercise price of C$1.00 until July 31, 2022.
The Common Shares, Warrants and Finder Warrants issued in connection with the Private Placement and the Common Shares issuable upon exercise of Warrants and Finder Warrants are subject to a hold period expiring December 1, 2020. The Private Placement is subject to final approval of the TSX Venture Exchange.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About Blackrock Gold Corp.
Blackrock is a junior gold-focused exploration company that is on a quest to make an economic discovery. Anchored by a seasoned Board, the Company is focused on its Nevada portfolio consisting of low-sulfidation epithermal gold & silver projects located along on the established Northern Nevada Rift in north-central Nevada, and the Walker Lane trend in western Nevada.
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We acknowledge the [financial] support of the Government of Canada.