Blackrock Gold Corp. (TSX-V: BRC) is pleased to announce the closing of the final tranche of its non-brokered private placement previously announced on January 10, 2020. In connection with the closing of the final tranche, the Company issued a total of 3,512,065 units of the Company at a price of $0.20 per Unit for gross proceeds of $702,413. 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 $0.30 until February 13, 2022. Gross proceeds from the closing of the first tranche and the final tranche of the Private Placement totalled $1,239,413.
Proceeds from the Private Placement will be used by the Company to fund the 2020 drilling program and exploration work on the Company’s Silver Cloud property, and general working capital.
On closing, the Company paid a cash commission of $13,500, representing 6% of the proceeds raised in respect of a portion of the Private Placement.
The Common Shares and Warrants issued in connection with the final tranche of the Private Placement and the Common Shares issuable upon exercise of Warrants are subject to a hold period expiring June 14, 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, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration.
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 Silver Cloud property, a low-sulphidation epithermal gold & silver project located along on the established Northern Nevada Rift gold trend in north-central Nevada.
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