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GARIBALDI CLOSES $2,291,445 TO FUND 2022 EXPLORATION PROGRAMS

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GARIBALDI CLOSES $2,291,445 TO FUND 2022 EXPLORATION PROGRAMS

 

 

 

 

 

Garibaldi Resources (TSXV: GGI) is pleased to announce the closing of the flow-through portion of the non-brokered private placement financing announced on July 5, 2022. The Company sold an aggregate 5,328,944 flow-through units at $0.43 per Unit for aggregate gross proceeds of $2,291,445.92. Each Unit was comprised of one flow-through common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at $0.55 per common share for a period of two years. The flow-through portion of the Financing was over-subscribed by almost 15%.

 

The proceeds from the Financing will be used to explore Garibaldi’s base metal projects under the new Federal Government (CMETC) initiative announced in the most recent federal budget, including the Nickel Mountain Gabbroic Complex and the newly identified base metal corridor along strike of the 15 km long NMGC, within the Eskay district of Northwest British Columbia.

 

The Company paid cash finder’s fees of $126,960.05 and issued 295,255 share purchase warrants to three finders led by GloRes Securities Inc. in connection with certain subscriptions in the Financing. The Finder’s Warrants are exercisable at $0.43 per common share for a period of two years.

 

All securities issued in connection with the Financing are subject to a statutory hold period expiring November 23, 2022.

 

An insider of the Company acquired 100,000 Units which constituted a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The issuance to the insider is exempt from the valuation requirement of MI 61-101 by the virtue of the exemption contained in section 5.5(b) as the Company’s shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) as the value of the Units did not exceed 25% of the Company’s market capitalization.

 

About Garibaldi

 

Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.

 

Posted July 26, 2022

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