Gungnir Announces Strategic Investment by Palisades Goldcorp
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Announces Strategic Investment by Palisades Goldcorp
Surrey, BC – September 14, 2020 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK) (“Gungnir” or
the “Company”) is pleased to announce that it has entered into an agreement with Palisades Goldcorp
Ltd. (“Palisades”) pursuant to which Palisades has agreed to purchase a non-brokered private placement
of 6,666,667 units of the Company (the “Units”) at a price of $0.06 per Unit (the “Unit Price”), for total
gross proceeds of $400,000 (the “Offering”). Each Unit will consist 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 e ntitles 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 exploration 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.
Knaften Gold Zone
Gold mineralization at Knaften 300 is associated with disseminated arsenopyrite zones ranging from
about 2 to 20 metres wide, typically 5 metres (core lengths). Drilling highlights from Gungnir and
previous operators include:
14.07 g/t Au over 4.25 m (from 138.75 to 143.00 m) in hole KN19-06
5.39 g/t Au over 2.00 m (from 98.00 to 100.00 m) in hole KN19-09
3.45 g/t Au over 10.75 m (from 67.05 to 77.80 m) in hole 96009
3.20 g/t Au over 10.00 m (from 83.50 to 93.50 m) in hole 200707
2.92 g/t Au over 13.00 m (from 81.5 to 94.50 m) in re-sample 200707
3.11 g/t Au over 8.00 m (from 135.80 to 143.80 m) in hole 200714
2.13 g/t Au over 14.45 m (from 55.00 to 69.45 m) in hole KNA01001
2.01 g/t Au over 6.70 m (from 190.50 to 197.20 m) in hole 200710
2.89 g/t Au over 5.00 m (from 118.80 to 123.80 m) in hole 200715
Rormyrberget and Lappvattnet Nickel Properties
The Company holds the Rormyrberget and Lappvattnet nickel deposits, located in the same general area
of the Knaften property. The two deposits collectively contain over 70 million pounds of nickel, 10
million pounds of copper and two million pounds of cobalt in historic resources. At Lappvattnet, the
historical estimate is 1,139,000 tonnes at 0.91 per cent Ni, 0.19 per cent Cu and 0.02 per cent Co for
22.9 million pounds of Ni, 4.8 million pounds of Cu and 500,000 pounds of Co.
A qualified person for Gungnir Resources has not done sufficient work to classify the historical estimates
as current resources, and Gungnir is not treating the historical estimates as current mineral resources.
The Company is currently updating the historical estimate.
News Release GUG: TSX-V
ASWRF: OTCPK
The technical information in this news release has been prepared and approved by Jari Paakki, P.Geo.,
CEO and a director of the Company. Mr. Paakki is a Qualified Person under National Instrument 43-101.
The Offering is e xpected to close on or about September 30, 2020 and is subject to certain conditions
including, but not limited to, the receipt of all necessary approvals including the approval of the TSX
Venture Exchange (“TSXV”) and the applicable securities regulatory authorities. All securities to be
issued under the Offering will be subject to a hold period expiring four months and one day from the
closing date of the Offering.
As consideration for the se rvices of certain finders, the C ompany will pay 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 is
priced at $0.06 and will consist 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 f or 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, solici tation or sale would be
unlawful. The securities being offered have not been, nor will they be, registered 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 Palisades Goldcorp
Palisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management team has
a demonstrated track record of making money and is backed by many of the industry's most notable
financiers. With junior resource equities valued at generational lows, management believes the sector is
on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in
undervalued companies and assets with the goal of generating superior returns.
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.
On behalf of the Board,
Chris Robbins, CFO and Director
For further information contact:
News Release GUG: TSX-V
ASWRF: OTCPK
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 Services 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; Gungnir being able to complete the Offering ; the number of
Shares to be issued at closing of the Offering and the gross proceeds received; the timing of the closing of
the Offering; the payment of any cash commissions, cash fees or issuance of warrants to finders; the
exercise of warrants; and the use of net proceeds from the Offering.
Forward-looking information is based on a number 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; Gungnir’s and Palisades’
ability to fulfill its obligations under the agreement; Gungnir’s ability to complete the Offering; no
material change will occur before Gungnir is able to complete the Offering; 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; all necessary approvals will be received and all conditions will be satisfied or
waived; 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 additi onal equity or debt financing, and satisfy its
financial obligations; the ability for Gungnir to close the Offering and related transaction described in
this news release; the ability for Gungnir to continue to list its Shares on the TSXV or another exchan ge;
circumstances may change resulting in the use of proceeds set out in this news release; general economic
conditions; future growth potential; common share prices; liquidity; tax risk; tax laws currently in effect
remaining unchanged; ability to access capital markets; competition for mental health and wellness
investments; environmental matters; and changes in legislation or regulations. Management believes
that the expectations reflected in the forward -looking information contained herein are based upo n
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 i n 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.