Brazil Resources Inc. (TSX-V:BRI) (OTCQX:BRIZF) is pleased to announce that, further to it news release dated February 11, 2016, it has increased the size of its previously announced non-brokered private placement of common shares of the Company at $0.45 per share from aggregate gross proceeds of $2.0 million to $2.5 million, or 5,555,556 common shares.
The common shares to be issued under the Private Placement will be subject to a hold period expiring four months plus one day from closing in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws and such other further 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.
Closing of the Private Placement is expected to occur this month and is subject to receipt of all necessary approvals, including the approval of the TSXV and receipt of definitive subscriptions.
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 in the western Athabasca Basin in northeast Alberta, Canada.
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