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Braveheart Closes $1.54 Million Financing

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Braveheart Closes $1.54 Million Financing






Braveheart Resources Inc. (TSX-V: BHT) (OTCQB: RIINF) is pleased to announce it has closed the second tranche of the previously announced unit financing for $1,015,930, comprised of 13,545,734 units. The initial tranche of $525,000, comprised of 7,000,000 units, was arranged through Palisades Goldcorp Ltd.


In total, the financing consisted of 20,545,734 units priced at $0.075 per unit for proceeds of $1,540,930 (the “Offering”). Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable into a common share at a price of $0.11 per share for a period of three years.


The Company paid commissions to eligible finders under the Offering totaling $15,001.50 and 200,020 finders warrants, with each finder warrant exercisable into a common share at an exercise price of $0.11 per share for 3 years.


All securities issued under the Offering are subject to a statutory hold period that expires four months and one day from issuance.


The proceeds from the financing will allow the Company to continue with engineering and permitting activities at its 100% owned Bull River Mine project near Cranbrook, British Columbia and accelerate development activities.


The Company further announces that it has terminated the financing facility (previously announced on July 15, 2020) with Alumina Partners (Ontario) Ltd. With the completion of the Offering, the Company no longer has any immediate need to draw further from this equity facility.


About Braveheart Resources Inc.


Braveheart is a Canadian based junior mining company focused on building shareholder value through exploration and development in favourable and proven Canadian mining jurisdictions. Braveheart’s main asset is the Bull River Mine project near Cranbrook, British Columbia which has a current mineral resource containing copper, gold and silver.


Posted November 2, 2020

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