Garibaldi Closes $6 Million Financing
Garibaldi Closes $6 Million Financing
TSXV: GGI
OTC: GGIFF
Frankfurt
: RQM
VANCOUVER
,
Oct. 4, 2017
/CNW/ - Garibaldi Resources (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to confirm closing of the final
tranche of the Company's recently announced
$6 million
private placement (see
September 26, 2017
news release).
Gross proceeds from the final tranche total
$3,497,120
with hard dollar and flow-through units fully subscribed for by institutional resource funds.
Steve Regoci
, Garibaldi President and CEO, commented: "We're grateful for the financial vote of confidence by
Eric Sprott
and institutional funds in
the exciting developments at our 100%-owned E&L Nickel Mountain Project near Eskay Creek. We accelerated the program last month, as stated in
our
September 1
news release, and aggressive drilling continues. We look forward to providing investors with a detailed exploration update in the very
near future."
Final Tranche Details
Garibaldi issued 1,216,000 units at
$0.82
per unit with each unit consisting of one common share of the Company and one full share purchase warrant
exercisable at a price of
$1.05
per share for a period of two years. Garibaldi also issued an additional 2,717,391 flow-through units at
$0.92
per unit
with each unit consisting of one common share of the Company and one half of one share purchase warrant exercisable at a price of
$1.05
per share
for a period of two years. All units from the private placement, non-flow-through and flow-through, are subject to a 4-month hold period from the date
of issuance. This tranche included a finder's fee totaling
$248,552.56
, paid to EMD financial Inc. The
$6 million
financing is subject to final TSX
Venture approval.
Use of Proceeds
Proceeds from the flow-through portion will be used to advance the E&L Nickel Mountain Project and other Garibaldi properties in the Eskay Camp
and elsewhere in British Columbia. Proceeds from the non-flow-through financing are intended to advance the Company's gold and silver properties in
Mexico
, and for general working capital purposes.
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
Mexico
and
British Columbia
.
We seek safe harbor.
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.
SOURCE
Garibaldi Resources Corp.
View original content: http://www.newswire.ca/en/releases/archive/October2017/04/c1568.html
%SEDAR: 00004262E
For further information:
GARIBALDI RESOURCES CORP., 1150 - 409 Granville Street, Vancouver, BC V6C 1T2, Telephone: (604) 488-
8851, Website: GaribaldiResources.com
CO: Garibaldi Resources Corp.
CNW 22:06e 04-OCT-17