Braveheart Completes Concentrate Offtake Agreement and Stockpile Financing Facility with Ocean Partners
Braveheart Completes Concentrate Offtake
Agreement and Stockpile Financing Facility
with Ocean Partners
Calgary, Alberta--(Newsfile Corp. - April 21, 2021) - Braveheart Resources Inc.
(TSXV: BHT) (OTCQB:
RIINF)
("
Braveheart
" or the "
Company
") is pleased to announce that it has completed security
registration for the previously announced Pre-Payment Financing Facility (the "Facility") with Ocean
Partners UK Ltd. ("Ocean") for the sale of its copper concentrates (with gold and silver credits) from its
Bull River Mine ("Bull River") near Cranbrook, British Columbia as described in the Company's press
release issued on March 13, 2021.
Braveheart reports that it has made an initial draw of USD
$1,000,000 from the Facility less the arrangement fee and expenses associated with due diligence and
legal fees.
The Facility provides Braveheart with access to up to USD $3,500,000 which can be used for capital
expenditures at Bull River including plant commissioning and general working capital purposes.
Interest
on any amounts drawn from the Facility is at 12-month LIBOR plus 8.75%.
Any monies drawn on the
Facility will be repaid as a flat deduction per dry metric tonne of concentrate produced.
Subsequent
draws will be subject to the Company meeting certain conditions precedent including receipt of an
operating permit to dispose of tailings, completion of an equity raise to cover any remaining capital
requirements to bring Bull River into production and commencement of milling of the surface stockpile.
Ian Berzins, President and CEO commented: "Braveheart's top priority is restarting Bull River.
Access to
this initial tranche allows Braveheart the flexibility to continue with capital upgrades at the mine including
the commissioning of a 10 MVA transformer and related switchgear."
Qualified person
Braveheart's disclosure of a technical or scientific nature in this news release has been reviewed and
approved by Ian Berzins P.Eng., who serves as President, Chief Executive Officer and a director of the
Company and is a Qualified Person under the definition of National Instrument 43-101.
About Braveheart Resources Inc.
Braveheart is a Canadian based junior mining company focused on building shareholder value through
exploration and development in favourable Canadian mining jurisdictions at or near past-producing
properties.
Braveheart's main asset is the 100% owned Bull River Mine project near Cranbrook, British
Columbia which has a current Mineral Resource containing copper, gold and silver.
Braveheart's newest
acquisition is the 100% owned Thierry Mine project near Pickle Lake, Ontario containing copper, nickel,
silver, palladium, platinum and gold.
Braveheart also has an option to purchase the Alpine Gold project
near Nelson, British Columbia.
Contact Information
Braveheart Resources Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E:
Website:
www.braveheartresources.com
For more investor information, please contact Braveheart at:
Manish Grigo
Director, Corporate Development
M: +1-416-569-3292
E:
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under
applicable Canadian securities legislation. Forward-looking information includes, but is not limited to,
statements about strategic plans, future work programs and objectives and expected results from such
work programs. Forward-looking information necessarily involve known and unknown risks, including,
without limitation, risks associated with general economic conditions; inability to access sufficient
capital from internal and external sources, and/or inability to access sufficient capital on favourable
terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors
which may cause the actual results and future events to differ materially from those expressed or
implied by such forward-looking information and the risks identified in the Company's continuous
disclosure record. There can be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking information. All forward-
looking information contained in this news release is given as of the date hereof and is based upon
the opinions and estimates of management and information available to management as at the date
hereof. The Company disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise, except as required by
law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/81280