Braveheart Resources Inc. Closes Financing
Braveheart Resources Inc. Closes Financing
Calgary, Alberta--(Newsfile Corp. - September 1, 2020) - Braveheart Resources Inc.
(TSXV: BHT)
(OTCQB: RIINF)
("
Braveheart
" or the "
Company
") is pleased to announce that it has closed a
financing for proceeds of $250,000 (the "Offering").
The financing was a combination of $150,000
raised through its financing facility with Alumina Partners (Ontario) Ltd. ("Alumina"), an affiliate of New
York based private equity firm Alumina Partners LLC., and $100,000 raised from a non-arms length
subscriber.
The Company issued 2,222,222 units at $0.1125 per unit for total proceeds of $250,000.
Each unit
consists of one common share and one common share purchase warrant.
Each warrant is exercisable
into a common share at a price of $0.1875 per share for a period of 60 months from the offering.
No
commissions were paid in connection with the offering.
All securities will be subject to a statutory hold
period that expires four months and one day from issuance.
The proceeds from the financing will allow the Company to continue with engineering and permitting
activities at its 100% owned Bull River Mine project as well as for general working capital.
Related Party Transaction
In connection with the Offering, an officer of the Company (the "Insider") acquired 888,889 units.
The
participation of an Insider in the Offering constitutes a "related party transaction", as such terms are
defined by Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special
Transactions
("MI 61-101").
The Company is relying on an exemption from the formal valuation
requirements of MI 61-101 available on the basis of the securities of the Company not being listed on
specified markets, including the Toronto Stock Exchange, the New York Stock Exchange, the American
Stock Exchange, the NASDAQ or certain overseas stock exchanges.
The Company is also relying on
the exemption from minority shareholder approval requirements under MI 61-101 as the fair market value
of the participation in the Offering by the Insiders does not exceed 25% of the market capitalization of the
Company.
About Braveheart Resources Inc.
Braveheart is a Canadian based junior mining company focused on building shareholder value through
exploration and development in the favourable and proven mining jurisdictions of the East and West
Kootenays of British Columbia. Braveheart's main asset is the Bull River Mine project which has a
current mineral resource containing copper, gold and silver. The property is fully developed with 21,000
metres of underground developments in terms of ramps, raises and drifting on mineralized structures on
seven levels. The surface infrastructure includes a 750 tonne per day conventional mill with adjoining
crushing facilities as well as offices and mine maintenance facilities. The property is connected to grid
power and there is year-round access to the site by paved and all-weather roads.
Contact Information
Braveheart Resources Inc.
Ian Berzins
President & Chief Executive Officer
403-512-8202
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/63025