Gungnir Announces Closing of Second and Final Tranche of Private Placement
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Announces Closing of Second and Final Tranche of Private
Placement
Surrey, BC – October 5, 2020 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to announce that it has completed the second and final tranche of its previously
announced non-brokered private placement of 3,333,333 units of the Company (“ Units”) for a total of
10,000,000 Units sold under the offering priced at $0.06 per Unit (the “ Unit Price ”), for total gross
proceeds of $ 600,000 (the “ Offering”). Each Unit consist s of on e common share in the capital of the
Company (each, a “ Common Share ”) and one common share purchase warrant (each, a “ Warrant”).
Each Warrant entitles the holder to acquire one Common Share (each, a “Warrant Share”) at a price per
Warrant Share of $0.09 per share for a period of 36 months from the closing of the Offering.
The net proceeds of the O ffering will be used to continue the exploratio n program, inclusive of drilling,
at the Company's 100% owned projects in Sweden, concentrating on the Knaften Gold zone and our two
nickel resources, Rormyrberget and Lappvattnet.
All securities issued under the Offering are subject to a hold period expiring four months and one day
from the closing date of the Offering.
As consideration for the services of certain finders, the Company paid a cash commission of 8% of the
gross proceeds of the Offering and that number of non -transferrable finder units (the “Finder Units”) as
is equal to 8% of the aggregate number of Units sold under the Offering. Each Finder Unit was priced at
$0.06 and consisted of one Common Share and one common share purchase warrant (each, a “ Finder
Warrant”). Each Finder Warrant entitles the holder to acquire one Common Share (each, a “ Finder
Warrant Share”) at a price per Finder Warrant Share of $0.09 per share for a period of 36 months from
the closing of the Offering.
This press 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 state in which such offer, solicitation or sale would be
unlawful. The securities being offered have not been, nor will they be, regist ered under the
1933 Act and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the 1933 Act, as amended, and application
state securities laws.
About Gungnir Resources
Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V) with
gold and base metal permits in northern Sweden. The Company’s key project, Knaften, hosts high -grade
gold, VMS (zinc-copper) and copper-nickel targets, and all are open for expansion and further discovery.
The Company also holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, located east
of Knaften. Further information about the Company and its properties may be found at
www.gungnirresources.com or at www.sedar.com.
News Release GUG: TSX-V
ASWRF: OTCPK
On behalf of the Board,
Chris Robbins, CFO and Director
For further information contact:
Head Office/Investor Relations
Phone: +1-604-683-0484
Jari Paakki, CEO
Email: [email protected]
Chris Robbins, CFO
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Servic es Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
Certain statements in this news release may constitute “forward -looking information” within the
meaning of applicable securities laws (also known as forward -looking statements). Forward -looking
information involves known and unknown risks, uncertainties an d other factors, and may cause actual
results, performance or achievements or industry results, to be materially different from any future
results, performance or achievements or industry results expressed or implied by such forward -looking
information. Forward-looking information generally can be identified by the use of terms and phrases
such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “feel”, “intend”, “may”, “plan”, “predict”,
“project”, “subject to”, “will”, “would”, and similar terms an d phrases, including references to
assumptions. Some of the specific forward -looking information in this news release includes, but is not
limited to, statements with respect to: Gungnir’s plan for future exploration and development of its
properties, Gungnir’s plan for future disclosure relating to exploration and development of its properties
within the timelines set out above or at all; the exercise of warrants; and the use of net proceeds from
the Offering.
Forward-looking information is based on a numb er of key expectations and assumptions made by
Gungnir, including, without limitation: the COVID -19 pandemic impact on the Canadian and global
economy and Gungnir’s business, and the extent and duration of such impact; no change to laws or
regulations that negatively affect Gungnir’s business; there will be a demand for Gungnir’s services and
products in the future; and Gungnir will be able to operate its business as planned. Although the
forward-looking information contained in this news release is based upon what Gungnir believes to be
reasonable assumptions, it cannot assure investors that actual results will be consistent with such
information.
Forward-looking information is provided for the purpose of presenting information about management’s
current expectations and plans relating to the future and readers are cautioned that such statements
may not be appropriate for other purposes. Forward -looking information involves significant risks and
uncertainties and should not be read as a guarantee of future performance or results as actual results
News Release GUG: TSX-V
ASWRF: OTCPK
may differ materially from those expressed or implied in such forward -looking information. Those risks
and uncertainties include, among other things, risks related to: no certainty that any economically viable
mineral deposit will be located on Gungnir’s properties; that Gungnir will be able to complete its
exploration programs as anticipated; the impacts of the COVID-19 pandemic on the Canadian and global
economy, Gungnir’s industry and its business, which may negatively impact, and may continue to
negatively impact, Gungnir and may materially adversely affect its investments, results of operations,
financial condition and Gungnir’s ability to obtain additional equity or debt financing, and satisfy its
financial obligations; circumstances may change resulting in the use of proceeds set out in this news
release; general economic conditions; future growth potent ial; common share prices; liquidity; tax risk;
tax laws currently in effect remaining unchanged; ability to access capital markets; environmental
matters; and changes in legislation or regulations. Management believes that the expectations reflected
in the forward-looking information contained herein are based upon reasonable assumptions and
information currently available; however, management can give no assurance that actual results will be
consistent with such forward-looking information.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary
statement. Forward -looking information reflects management's current beliefs and is based on
information currently available to Gungnir. The forward -looking information is stated as of the date of
this news release and Gungnir assumes no obligation to update or revise such information to reflect new
events or circumstances, except as may be required by applicable law.