Braveheart Resources Closes $760,000 Financing
Braveheart Resources Closes $760,000
Financing
Calgary, Alberta--(Newsfile Corp. - December 28, 2022) - Braveheart Resources Inc.
(TSXV: BHT)
(OTCQB: RIINF) (FSE: 2ZR)
("
Braveheart
" or the "
Company
") has closed a financing for proceeds of
$760,000, comprised of 9,500,000 Flow-Through Units with an issue price of $0.08 per unit.
Each Flow-
Through Unit consists of one common share and one common share purchase warrant that is
exercisable into a common share at an exercise price of $0.12 per share for a period of three years.
All securities issued under the offering are subject to a statutory hold period that expires four months and
one day from issuance.
The Company paid cash commissions of $53,200 and issued 665,000 broker warrants.
Each broker
warrant entitles its holder to acquire one common share of the Company at a price of $0.08 for a 36-
month period.
Proceeds from the financing will be used for exploration activities at the Thierry Mine Project ("Thierry")
near Pickle Lake, ON.
The Company holds a current Exploration Permit for mechanized drilling at Thierry
that was granted by the Ministry of Northern Development, Mines, Natural Resources and Forestry of
Ontario in April 2022.
The permit is valid for three years.
Drilling is expected to commence in the first half
of 2023 pending availability of drills, drill crews and accommodations in the Pickle Lake area.
Drilling will
be focused on expanding the current near-surface K1-1 Inferred Mineral Resource consisting of
53,614,000 tonnes of mineralized material at 0.38% Cu, 0.10% Ni and 0.14 g/t Pd.
The K1-1 occurrence
is approximately three kilometres from the Thierry underground deposit.
Ian Berzins, President and CEO of Braveheart, commented: "We are pleased to complete this financing
in a challenging financial environment and excited to have funds in place to begin our maiden drill
program at Thierry in H1 2023.
The Canadian government recently issued a new Critical Minerals
Strategy that included copper and nickel as some of 31 minerals critical to Canada.
The US Geological
Survey lists 50 minerals as critical to the United States including palladium and platinum in addition to
copper and nickel.
We have copper, nickel, palladium and platinum at our Thierry project as well as
precious metals including gold and silver."
About Braveheart Resources Inc.
Braveheart is a mining company primarily focused on two near-term copper production assets in
Canada. Braveheart's main asset is the 100% owned Bull River Mine project (>135MM lbs of copper)
near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver.
Braveheart's latest acquisition is the 100% owned Thierry Mine project (>1,300MM lbs of copper) near
Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum
and gold.
Contact Information
Braveheart Resources Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E:
Website:
www.braveheartresources.com
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.
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https://www.newsfilecorp.com/release/149602