Garibaldi Closes First Tranche FOR 2023 Nickel Mountain Drilling
GARIBALDI CLOSES FIRST TRANCHE FOR
2023 NICKEL MOUNTAIN DRILLING
TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
Dec. 7, 2022
/CNW/ - Garibaldi Resources (TSXV: GGI) (the "
Company
"
or "
Garibaldi
") is pleased to announce the closing of the first tranche of flow-through units of the
non-brokered private placement financing (the "
Financing
") announced on
November 29, 2022
.
The Company sold an aggregate 8,836,666 flow-through units (each, a "
Unit
") at
$0.30
per Unit for
aggregate gross proceeds of
$2,651,000
. 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
$0.45
per common share for a period of three years. The first tranche of Units includes an
aggregate of 800,000 non-flow-through units at
$0.25
per unit for aggregate proceeds of
$200,000
.
Each Unit is comprised of one non-flow-through common share and one-half of one common share
purchase warrant. Each whole warrant is exercisable at
$0.40
per common share for a period of
three years.
The proceeds from the flow-through financing will be used to explore Garibaldi's base metal
prospects under the new Federal Government (CMETC) initiative announced in the most recent
federal budget. Follow-up drilling will test for mineralization associated with broad ZTEM Low-
resistivity anomalies identified by the property wide Geotech ZTEM survey. Drilling in 2022
intersected sulphide nickel-copper mineralization (assays pending) coincident with newly identified
ZTEM anomalies (see news release Sept.22, 2022). These broad geophysical targets track the
Nickel Mountain Gabbroic Complex base metal corridor along strike of the 15 km long NMGC, within
the Eskay district of the Golden Triangle in
Northwest British Columbia
. All proceeds from non-flow-
through Units will be used for working capital purposes.
The Company paid cash finder's fees of
$171,060
and issued 578,200 share purchase warrants
(the "
Finder's Warrants
") to finders led by GloRes Securities Inc. in connection with certain
subscriptions in the Financing. The Finder's Warrants are exercisable at
$0.45
per common share
for a period of three years.
All securities issued in connection with the Financing are subject to a statutory hold period expiring
April 6
, 2023. None of the securities sold in connection with the Financing will be registered under
the United States Securities Act of 1933, as amended, and no such securities may be offered or
sold in
the United States
absent registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
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
SOURCE
Garibaldi Resources Corp.
View original content:
http://www.newswire.ca/en/releases/archive/December2022/07/c7334.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 08:30e 07-DEC-22