Banks Island Gold (BOZ-V) closes second tranche for gross proceeds of $424,397
Jan 3rd 2014 - News Release
Company has closed the second tranche of a brokered private placement offering (the “Second Tranche”) of an aggregate of 691,375 flow-through units (“Flow-Through Units”) at a price of $0.58 per Flow-Through-Unit, for gross proceeds of $400,997.50, and 45,000 non–flow-through units (“Common Share Units”) at a price of $0.52 per Non-Flow-Through Unit, for gross proceeds of $23,400.
Each Flow-Through Unit consists of one flow-through common share (“a Flow-Through Share”) and one-half of one non-transferrable share purchase warrant (“a Warrant”). Each whole warrant entitles the holder thereof to acquire one non flow-through common share (“a Common Share”) in the capital of the Company at a price of $0.70 per Common Share for a period of eighteen (18) months following the closing of the financing. Each Common Share Unit consists of one Common Share and one-half of one non-transferable share purchase warrant. Each whole warrant entitles the holder thereof to acquire one Common Share at a price of $0.70 per Common Share for a period of eighteen (18) months following the closing of the Offering.
The Company may pay a finder’s fee to finders of qualified subscribers. The finder’s fee may be payable in cash or securities of the Company.
The Company intends to use the net proceeds of the Offering for continued exploration and development activities on its mineral properties located in British Columbia.
The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
The Company announces it has granted 240,000 incentive stock options to new Company managers. The options, which are subject to the terms and conditions of the Company’s stock option plan, may be exercised at a price of $0.56 per share for a term of 3 years.
The Company is a junior mining resource exploration company focused on exploring for and developing economically viable mineral resources. The Company’s mineral properties are located in British Columbia. For more information, please refer to the Company’s website at www.banksislandgold.com
ON BEHALF OF THE BOARD OF DIRECTORS
Benjamin W. Mossman, P.Eng
President, Director, & Chief Executive Officer
For further information, please contact:
Benjamin W. Mossman: 604-245-0066 |
