Brazil Resources (BRI-V) Oct 31, '16 is pleased to announce that, further to its press release dated October 28, 2016, due to strong interest from existing and new investors, it has increased the size of its previously announced private placement from aggregate gross proceeds of $4.0 million to $6.0 million, or 2,400,000 unit.
The Company intends to use proceeds from the Private Placement to bolster its ongoing acquisition strategy and for general working capital needs.
As previously disclosed, each Unit will consist of one common share of the Company and one half of a common share purchase warrant, each such warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of $3.50 up to two years after the closing of the Private Placement.
Closing of the Private Placement is subject to receipt of all necessary approvals, including approval of the TSX Venture Exchange (the "TSXV") and receipt of definitive subscriptions. The securities issued under the Private Placement will be subject to a four month hold period from the date of closing of the Private Placement in addition to any other restrictions under applicable law.
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 Titiribi Gold Copper Project, located in Colombia, Whistler Gold-Copper Project, located in Alaska, United States, Cachoeira and São Jorge Gold Projects, located in the State of Pará, northeastern Brazil and Rea Uranium Project, located in the western Athabasca Basin in northeast Alberta, Canada.
For additional information, please contact:
Brazil Resources Inc.
Amir Adnani, Chairman
Patrick Obara, Chief Financial Officer
Telephone: (855) 630-3001
brazilresources.com |
