Brazil Resources Inc. (TSX-V:BRI) (OTCQX:BRIZF) is pleased to announce that, further to its news release dated February 29, 2016, it has completed the second and final tranche of its previously announced private placement for total additional proceeds of $1,106,977.50, consisting of 2,459,950 common shares issued at a subscription price of $0.45 per share. As a result of oversubscriptions, the total size of the Private Placement was further increased to $4.5 million, comprising 10,000,000 common shares of the Company. The common shares issued under the Private Placement, will be subject to a hold period expiring four months plus one day from closing.
As announced on February 29, 2016, the Company previously closed the initial tranche of the Private Placement, consisting of 7,540,050 common shares of the Company for gross proceeds of $3,393,022.50.
In connection with the Final Tranche, the Company paid cash commission equal to 6% on a portion of the gross proceeds raised thereunder to certain arm’s length parties in the aggregate amount of $1,985 in accordance with the policies of the TSX Venture Exchange. The total finders’ fees paid under the total of $4.5 million Private Placement was $42,485 to such arm’s length parties. The common shares issued under the Private Placement, will be subject to a hold period expiring four months plus one day from closing, being June 27, 2016, in the case of the Initial Tranche, and July 12, 2016, in the case of the Final Tranche, in accordance with the rules and policies of the TSXV and applicable Canadian securities laws and such other restrictions as may apply under foreign securities laws.
The Company intends to use the net proceeds from the Private Placement to advance its corporate strategy, including expenses associated with the exploration of its existing projects and the acquisition of additional projects, and for working capital and general corporate purposes.
The common shares 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 U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Brazil Resources Inc.
Brazil Resources Inc. is a public mineral exploration company with a focus on the acquisition, exploration and development of projects in Brazil, United States, Canada and other regions of the Americas. Brazil Resources is advancing its Whistler Gold-Copper Project, located in Alaska, United States, its Cachoeira and São Jorge Gold Projects, located in the State of Pará, northeastern Brazil, and its Rea Uranium Project, located in the western Athabasca Basin in northeast Alberta, Canada.
Silvercorp Metals Inc. (TSX:SVM) (NYSE American: SVM) is p... READ MORE
Arizona Silver Exploration Inc. (TSX-V: AZS) (OTCQB: AZASF)... READ MORE
Bayhorse Silver Inc. (TSX-V: BHS) is pleased to announce that it ... READ MORE
Balmoral Resources Ltd. (TSX:BAR) (TCQX:BALMF) is pleased t... READ MORE
Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4J... READ MORE