Garibaldi Closes $2,291,445 to Fund 2022 Exploration Programs
GARIBALDI CLOSES $2,291,445 TO FUND
2022 EXPLORATION PROGRAMS
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
TSXV: GGI
OTC: GGIFF
Frankfurt
: RQM
VANCOUVER, BC
,
July 26, 2022
/CNW/ - Garibaldi Resources (TSXV: GGI) (the "
Company
"
or "
Garibaldi
") is pleased to announce the closing of the flow-through portion of the non-brokered
private placement financing (the "
Financing
") announced on
July 5, 2022
. The Company sold an
aggregate 5,328,944 flow-through units (each, a "
Unit
") at
$0.43
per Unit for aggregate gross
proceeds of
$2,291,445.92
. Each Unit was comprised of one flow-through common share and one-
half of one common share purchase warrant. Each whole warrant is exercisable at
$0.55
per
common share for a period of two years. The flow-through portion of the Financing was over-
subscribed by almost 15%.
The proceeds from the Financing will be used to explore Garibaldi's base metal projects under the
new Federal Government (CMETC) initiative announced in the most recent federal budget, including
the Nickel Mountain Gabbroic Complex and the newly identified base metal corridor along strike of
the 15 km long NMGC, within the Eskay district of
Northwest British Columbia
.
The Company paid cash finder's fees of
$126,960.05
and issued 295,255 share purchase warrants
(the "
Finder's Warrants
") to three finders led by GloRes Securities Inc. in connection with certain
subscriptions in the Financing. The Finder's Warrants are exercisable at
$0.43
per common share
for a period of two years.
All securities issued in connection with the Financing are subject to a statutory hold period expiring
November 23, 2022
.
An insider of the Company acquired 100,000 Units which constituted a related party transaction
under Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special
Transactions
("
MI 61-101
"). The issuance to the insider is exempt from the valuation requirement of
MI 61-101 by the virtue of the exemption contained in section 5.5(b) as the Company's shares are
not listed on a specified market and from the minority shareholder approval requirements of MI 61-
101 by virtue of the exemption contained in Section 5.7(1)(a) as the value of the Units did not exceed
25% of the Company's market capitalization.
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on
creating shareholder value through discoveries and strategic development of its assets in some of
the most prolific mining regions in
British Columbia
and
Mexico
.
GARIBALDI RESOURCES CORP.
Per:
"Steve Regoci"
Steve Regoci
, President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for
the adequacy or the accuracy of this release
Cautionary Statement Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian
securities legislation that are not historical facts. Forward-looking statements involve risks,
uncertainties, and other factors that could cause actual results, performance, prospects, and
opportunities to differ materially from those expressed or implied by such forward-looking
statements. Forward-looking statements in this news release include, but are not limited to,
statements with respect to the expectations of management regarding the proposed Offering, the
expectations of management regarding the use of proceeds of the Offering, closing conditions for
the Offering, the expiry of hold periods for securities distributed pursuant to the Offering, and
Exchange approval of the proposed Offering. Although the Company believes that the expectations
reflected in the forward-looking information are reasonable, there can be no assurance that such
expectations will prove to be correct. Such forward-looking statements are subject to risks and
uncertainties that may cause actual results, performance or developments to differ materially from
those contained in the statements including that: the Company may not complete the Offering on
terms favorable to the Company or at all; the Exchange may not approve the Offering; the
proceeds of the Offering may not be used as stated in this news release; the funds raised from the
sale of the FT Units and the Units may not be renounced in favour of the Shareholders; the
Company may be unable to satisfy all of the conditions to the Closing; and those additional risks
set out in the Company's public documents filed on SEDAR at
www.sedar.com
. Although the
Company believes that the assumptions and factors used in preparing the forward-looking
statements are reasonable, undue reliance should not be placed on these statements, which only
apply as of the date of this news release, and no assurance can be given that such events will
occur in the disclosed time frames or at all. Except where required by law, the Company disclaims
any intention or obligation to update or revise any forward-looking statement, whether as a result of
new information, future events, or otherwise.
SOURCE
Garibaldi Resources Corp.
View original content:
http://www.newswire.ca/en/releases/archive/July2022/26/c6763.html
%SEDAR: 00004262E
For further information:
GARIBALDI RESOURCES CORP., 1150 - 409 Granville Street,
Vancouver, BC V6C 1, Telephone: (604) 488-8851, Website: GaribaldiResources.com
CO: Garibaldi Resources Corp.
CNW 08:30e 26-JUL-22