Mr. Steve Regoci reports
GARIBALDI CLOSES $6 MILLION FINANCING
Garibaldi Resources Corp. has closed the final tranche of the company's recently announced $6-million private placement (see Sept. 26, 2017, news release).
Gross proceeds from the final tranche total $3,497,120 with hard-dollar and flow-through units fully subscribed for by institutional resource funds.
Steve Regoci, Garibaldi president and chief executive officer, commented: "We're grateful for the financial vote of confidence by Eric Sprott and institutional funds in the exciting developments at our 100-per-cent-owned E&L Nickel Mountain project near Eskay Creek. We accelerated the program last month, as stated in our Sept. 1 news release, and aggressive drilling continues. We look forward to providing investors with a detailed exploration update in the very near future."
Final tranche details
Garibaldi issued 1,216,000 units at 82 cents per unit with each unit consisting of one common share of the company and one full share purchase warrant exercisable at a price of $1.05 per share for a period of two years. Garibaldi also issued an additional 2,717,391 flow-through units at 92 cents per unit with each unit consisting of one common share of the company and one-half of one share purchase warrant exercisable at a price of $1.05 per share for a period of two years. All units from the private placement, non-flow through and flow through, are subject to a four-month hold period from the date of issuance. This tranche included a finder's fee totalling $248,552.56, paid to EMD financial Inc. The $6-million financing is subject to final TSX Venture Exchange approval.
Use of proceeds
Proceeds from the flow-through portion will be used to advance the E&L Nickel Mountain project and other Garibaldi properties in the Eskay camp and elsewhere in British Columbia. Proceeds from the non-flow-through financing are intended to advance the company's gold and silver properties in Mexico and for general working capital purposes.
About Garibaldi Resources Corp.
Garibaldi Resources 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 Mexico and British Columbia.
We seek Safe Harbor.
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