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One Bullion Limited announces first closing of C$1,020,000 through a non-brokered private placement & the signing of a LOI in connection with the company’s go public strategy

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One Bullion Limited announces first closing of C$1,020,000 through a non-brokered private placement & the signing of a LOI in connection with the company’s go public strategy

 

 

 

 

 

One Bullion Ltd. is pleased to report that it has closed a first tranche of a C$2 million non-brokered private placement, raising gross proceeds of C$1,020,000 through the issuance of 10,200,000 units in the capital of the Company. Each Unit consists of one common share of the Corporation and one half of one common share purchase warrant with each whole Warrant being exercisable at a price of $0.25 per Warrant, for a period of two years from the date of issuance.

 

The Company intends to carry out an Induced Polarization (IP) Geophysical Survey over individual lines covering 107km of the Kraaipan greenstone belt. Several of the zones within the belt exhibit evident potential pyrrhotite replacement. These zones are interpreted to be ‘Kalgold D-zone’ type targets and should, in all probability, produce significant Induced Polarisation anomalies. The second type of target, gold associated with gently dipping quartz veins, were more difficult to identify over the Kalgold prospects as that type of geological setting produces more subtle and complex responses with pyrite, as opposed to pyrrhotite, the dominant sulphide mineral.

 

Arno Brand CO-CEO and COO commented: “Our team has worked hard bringing the project up to a level where we are now ready to start doing detailed exploration work on the Bullion Licenses. I anticipate that with a well-executed plan, we will define the value hosted within this robust and very prospective project.”

 

The Company is further planning to conduct 2 more geophysics Programs over the Vumba and Tati Greenstone belts in Northern Botswana as well as over its Licenses covering the Molopo Farms complex in Central Botswana. Once the Geophysics programs are concluded the company intends to also conduct a vast geochemical Program over the defined Target Areas.

 

“We are pleased to have obtained such substantial land holdings in an extremely promising region of Botswana. Outstanding efforts have been made by the entire One Bullion team to reach this important milestone and we are thrilled to finally begin the exploration phase of this exciting project.” said Sheldon Inwentash, Chairman of One Bullion.

 

Furthermore, One Bullion is pleased to announce that it has entered into a Letter of Intent with a company pursuant to the Company’s plans to go public that is expected to occur in January 2021. Further details on this will be followed shortly.

 

About One Bullion Inc.

 

One Bullion is a junior gold exploration company in Botswana, focused on three high potential projects covering a total of 5,600km2 in Africa’s optimum mining and business jurisdiction. 1) The Kraaipan Gold Project (2,542km2), where One Bullion has control over a Botswana parcel with an 80km strike in a highly prospective greenstone belt. 2) Molopo Farms PGM/Ni-Cu Project (1,867km2), where One Bullion has strategic licenses over a 60km expanse of the West margin of Bushveld-related Molopo Farms Complex, which is vastly underexplored. 3) Northern Gold Project (1,187km2), where One Bullion has strategic licenses covering portions of Botswana’s exposed greenstone belt terrain on the Southern Zimbabwe craton.

 

Posted October 23, 2020

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