Bald Eagle Announces $2,300,000 Private Placement Led by Crescat Capital
Bald Eagle Announces $2,300,000 Private
Placement Led by Crescat Capital
/NOT FOR DISSEMINATION IN
THE UNITED STATES
OR FOR DISTRIBUTION TO U.S. WIRE
SERVICES/
TORONTO
,
May 11, 2022
/CNW/ - Bald Eagle Gold Corp. ("
Bald Eagle
" or the "
Corporation
")
(TSXV: BIG) (OTCBQ: BADEF) is pleased to announce that it is undertaking a non-brokered private
placement for aggregate gross proceeds of up to
$2,300,000
(the "
Offering
").
Pursuant to the Offering, the Corporation may issue up to 30,666,667 units of the Corporation
("
Units
") at a price of
$0.075
per Unit. Each Unit will be comprised of one common share of the
Corporation (a "
Common Share
") and one Common Share purchase warrant of the Corporation (a
"
Warrant
"). Each whole Warrant shall entitle the holder thereof to purchase one Common Share at
an exercise price of
$0.11
for a period of two years from the closing of the Offering. All securities
issued under the Offering will be subject to a four month hold period from the closing date under
applicable Canadian securities laws, in addition to such other restrictions as may apply under
applicable securities laws of jurisdictions outside
Canada
.
The Corporation is also pleased to welcome Crescat Capital LLC (
"Crescat"
) as a lead strategic
investor in the Offering. Crescat has agreed to purchase a total of 14,666,667 Units for gross
proceeds of
$1,100,000
(the
"Crescat Investment"
). Following completion of the Crescat
Investment, Crescat has also been granted the right to participate in future financings of the
Corporation so as to maintain its pro-rata interest (the
"Participation Rights"
). The Participation
Rights will remain in effect as long as Crescat holds greater than 2% of the total issued and
outstanding Common Shares.
Chris Paul
, CEO and Director of the Company, commented: "We are happy to welcome Crescat
Capital as a strategic shareholder and our first institutional investor in the Corporation. Crescat's
participation provides a strong vote of confidence in the Hercules Silver Project, as well as our
team's ability to explore and develop a high-grade silver asset within the underexplored silver
jurisdiction of
Idaho
. We look forward to announcing our exploration plans for the project very soon,
which is now backed by a fresh injection of capital and a new strategic shareholder."
Quinton Hennigh
, Geological and Technical Director for Crescat commented: "The Hercules Silver
Project shows the characteristics of a large carbonate replacement deposit (CRD) system, which
was never recognized by historical operators when the project was active during the 1960s-1980s.
Over 300 shallow historical holes were drilled across the project, with strong silver, lead and zinc
grades over significant intervals, demonstrating the presence of a robust mineralized system. The
mineralized zones, defined only by shallow historical drilling, appear wide open for expansion, with
very strong silver-in-soil grades along strike, over a total of 3.5 kilometers on surface. A new soil
discovery announced this year looks to now extend the strike length of the mineralized host unit,
underneath post-mineral basalt cover, to over 5.5 kilometers. Further encouragement is given by a
2-kilometer-long copper-gold-molybdenum soil anomaly, also newly-discovered this year, with
individual soil grades ranging up to 3,000 ppm copper. The new porphyry-style copper anomaly may
represent the high-level expression of an undiscovered porphyry system and feeder to the high-
grade silver-lead-zinc CRD mineralization on the property. We are excited to be early investors in
what appears to be a very large porphyry copper-CRD system at Hercules and look forward to
working together with the Bald Eagle team on developing a drill plan for the upcoming exploration
season."
The proceeds of the Offering are anticipated to be used for exploration purposes, to test carbonate
replacement deposit targets, test for a deeper porphyry target if permitting is approved, and for
general working capital. Insiders of the Corporation may participate in the Offering. Bald Eagle does
not anticipate paying any finder's fees in connection with the Offering at this time.
None of the securities sold in connection with the Offering will be registered under the United States
Securities Act of 1933, as amended, and no such securities may be offered or sold in
the United
States
absent registration or an applicable exemption from the registration requirements. This news
release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The closing of the Offering is expected to occur on or about
May 24, 2022
and remains subject to
receipt of all necessary regulatory approvals including acceptance for filing by the TSX Venture
Exchange.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved for
disclosure by
Donald E. Cameron
, MSc, a Registered Member of the Society for Mining, Metallurgy
& Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America and an
independent "Qualified Person" for Bald Eagle within the meaning of National Instrument 43-101 –
Standards of Disclosure for Mineral Projects ("NI 43-101"). To the best of his knowledge, the
technical information pertaining to the Hercules Silver Property and discussion of it as disclosed in
this news release is neither inaccurate nor misleading; however, the technical information presented
in this news release was collected prior to the enactment of NI 43-101 and comprises paper records
maintained by various companies that conducted exploration work on the Property. Details of the
sampling methods, security, assaying, and quality control methods used in the generation of this
historical technical data are unknown to Bald Eagle Gold Corp., and the results discussed herein
cannot be, and have not been verified by Mr. Cameron for the purposes of National Instrument 43-
101 and should not be relied upon.
About Bald Eagle Gold Corp.
Bald Eagle Gold Corp. is a junior mining company focused on the exploration and development of the
Hercules Silver Project, northwest of
Cambridge, Idaho
. The Corporation's management team brings
extensive and successful international experience with a focus on identifying and acquiring
prospective and under-explored precious metals properties worldwide. The board of directors have
an established track record of creating significant returns for investors and have demonstrated
access to capital to advance the development of assets.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies
of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in
the United States
. Any securities referred to herein have not and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within
the United States
or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws of an exemption from
such registration is available.
Disclaimer for Forward-Looking Information
This news release contains certain information that may be deemed "forward-looking information"
with respect to the Corporation within the meaning of applicable securities laws. Such forward-
looking information involves known and unknown risks, uncertainties and other factors that may
cause the Corporation's actual results, performance or achievements, or developments in the
industry to differ materially from the anticipated results, performance or achievements expressed or
implied by such forward-looking information. Forward-looking information includes statements that
are not historical facts and are generally, but not always, identified by the words "expects," "plans,"
"anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that
events or conditions "will," "would," "may," "could" or "should" occur.
Although the Corporation believes the forward-looking information contained in this news release is
reasonable based on information available on the date hereof, by its nature, forward-looking
information involves assumptions and known and unknown risks, uncertainties and other factors
which may cause our actual results, level of activity, performance or achievements, or other future
events, to be materially different from any future results, performance or achievements expressed or
implied by such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks
and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse
industry events; the receipt of required regulatory approvals and the timing of such approvals; that
the Corporation maintains good relationships with the communities in which it operates or proposes
to operate; future legislative and regulatory developments in the mining sector; the Corporation's
ability to access sufficient capital from internal and external sources, and/or inability to access
sufficient capital on favorable terms; mining industry and markets in
Canada
and generally; the ability
of the Corporation to implement its business strategies; competition; the risk that any of the
assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned
work; risks associated with the interpretation of data, the geology, grade and continuity of mineral
deposits; the possibility that results will not be consistent with the Corporation's expectations; as
well as other assumptions, risks and uncertainties applicable to mineral exploration and development
activities and to the Corporation, including as set forth in the Corporation's public disclosure
documents filed on the SEDAR website at
www.sedar.com
.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF BALD EAGLE AS OF THE DATE OF THIS PRESS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS
SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND
SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE BALD
EAGLE MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY
PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
SOURCE
Bald Eagle Gold Corp.
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For further information:
Christopher Paul, CEO and Director, Telephone: +1 (604) 721 7896,
Email: [email protected]; Darren Collins, CFO and Director, Telephone: +1 (786) 633-
1756, Email: [email protected]
CO: Bald Eagle Gold Corp.
CNW 07:00e 11-MAY-22