Mr. Minaz Devji reports
NORRA METALS CORP CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT
Norra Metals Corp. has closed an oversubscribed non-brokered private placement financing for total gross proceeds of $1,377,500.
"We are very pleased to close on this oversubscribed financing, which will allow us to begin our rapid pace of advancement at Bleikvassli. Participation from management clearly underscores our team's commitment and confidence in the project," states Mike Devji, chief executive officer of Norra Metals.
The company has allotted and issued 27.55 million units at a price of five cents per unit. Each unit comprises of one common share and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the company for a period of 24 months at a price of 15 cents per share.
The company will use the proceeds from the private placement toward exploring and advancing its Bleikvassli property and general working capital. All securities issued are subject to a six-month hold period expiring on March 24, 2021.
In relation to the private placement, the company has paid finders' fees in the aggregate amount of $48,720 and issued 939,400 finders' warrants to an arm's-length party, with each finder's warrant exercisable into a common share of the company at a price of 15 cents per share for a period of 24 months.
About Norra Metals Corp.
Norra's primary focus is the exploration potential on the Bleikvassli property as a former copper-zinc-lead-silver (plus or minus gold) producer which represents an immediate and significant exploration target for the company. The Bleikvassli property is located in central Norway, contains power and paved roads on site, is close to tidewater, and nearby rail service. Management has been mandated to focus on safe, mining-friendly jurisdictions and government regulations supportive of mining operations.
We seek Safe Harbor.
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