13:21:22 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Bold Ventures arranges WC, FT unit private placement

2023-06-01 13:59 ET - News Release

Mr. David Graham reports

BOLD VENTURES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Bold Ventures Inc. has arranged a non-brokered private placement of up to five million working capital units and up to eight million flow-through qualified units. The working capital units are priced at six cents per working capital unit. Each working capital unit comprises a share and a warrant. Each warrant and 10 cents can acquire an additional common share of Bold and may be exercised for a period of two years, after which the warrant expires. Each flow-through unit is priced at eight cents. Each flow-through unit consists of a share and one-half warrant. A full warrant and 12 cents can acquire an additional common share for a period of two years, after which the warrant expires. Proceeds from the sale of flow-through shares will be used to incur Canadian exploration expenses, as defined in Subsection 66.1(6) of the Income Tax Act.

The private placement will remain open until the earlier of June 30, 2023, and when fully subscribed. Contact info@boldventuresinc.com or call 416-864-1456 for more information.

An initial closing of 388,000 flow-through units and 383,333 working capital units for gross proceeds of $54,039.98 has been effected. The securities issued are subject to a hold period expiring on Oct. 1, 2023.

One insider subscribed for 250,000 working capital units for proceeds of $15,000. The insider private placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the company issued to the insider does not exceed 25 per cent of its market capitalization.

Further to the company's press releases of Nov. 1, 2022, and Jan. 31, 2023, it has agreed to issue 184,615 common shares of the company to Dig Media Inc., doing business as Investing News Network (INN) in settlement of advertising services provided by INN to the company pursuant to the advertising campaign agreement dated Oct. 31, 2022, for the period ending April 30, 2023, at a price of 6.5 cents per share, subject to regulatory approval. The securities issued are subject to a hold period expiring on Oct. 1, 2023.

In other news, the company's partner, KWG Resources Inc., at Bold's Koper Lake project, has recently changed its name to Canada Chrome Corp.

The Koper Lake project

Bold owns a 10-per-cent carried interest (through to production) in the Black Horse chromite National Instrument 43-101 inferred resource of 85.9 million tonnes grading 34.5 per cent Cr2O3 (chromium oxide) at a cut-off of 20 per cent Cr2O3 (KWG Resources, NI 43-101 technical report; Aubut, 2015). Bold also owns a 40-per-cent working interest in all other metals found within the Koper Lake claims and has a right of first refusal on a 1-per-cent net smelter return royalty covering all metals found within the claim group.

The Black Horse resource is contiguous with the Blackbird chromite deposits owned by Ring of Fire Metals (formerly Noront Resources Inc.). The Koper Lake claims are located approximately 300 metres from Ring of Fire Metals' Eagle's Nest nickel-copper massive sulphide deposit that is in the permit acquisition stage. Chromite, nickel and copper are critical minerals that will play an important role in the electrification plans of Ontario and North America. The company is encouraged by these continuing developments in this emerging critical mineral mining camp.

The environmental assessment process for all-weather road access to the Ring of Fire is being developed as three proposed road projects: the Northern Road Link, the Marten Falls Community Access Road and the Webeque Supply Road. Information and progress regarding these projects may be accessed through the links provided on Bold's critical metal and battery metal page.

The company invites people to visit its newly refreshed website.

Bold Ventures management believes its suite of battery metal, critical metal and precious metal exploration projects are an ideal combination of exploration potential meeting future demand. The company's target commodities comprise copper, nickel, lead, zinc, gold, silver, platinum, palladium and chromium. The critical metal list and a description of the provincial and federal electrification plans are posted on the Bold website.

About Bold Ventures Inc.

The company explores for battery metals, critical metals and precious metals in Canada. Bold is exploring properties located in active gold and base metal camps in the Thunder Bay and Wawa regions of Ontario. Bold also holds significant assets located within and around the emerging multimetal district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.