Gungnir Closes First Tranche of Up-Sized Private Placement of Lead Order by Altius Minerals
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Closes First Tranche of Up-Sized Private
Placement of Lead Order by Altius Minerals
NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
Surrey, BC – March 24, 2022 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to announce that it has closed the first tranche of its previously announced non-
brokered private placement of its up-sized offering of up to C$2,400,000 (see news release dated March
23, 2022), for gross proceeds under the first tranche of $ 750,000, being the lead order from Altius
Minerals Corporation (ALS: TSX; ATUSF: OTCQX).
The company intends to close the second and final tranche of the private placement during the week of
March 28, 2022. No finder’s fees were paid on the first tranche of the private placement. In addition to
Altius’ lead order in the private placement, the Company entered into a royalty option agreement with
Altius in exchange for $250,000 cash (see news release dated March 18, 2022 for further details).
Each Unit will consist of one common share in the capital of the Company (each, a “Common Share”)
and one common share purchase warrant (each, a “Warrant”). Each Warr ant entitles the holder to
acquire one Common Share (each, a “Warrant Share”) at a price per Warrant Share of $0. 18 per share
for a period of 24 months from the closing.
The net proceeds of the Offering will be used to continue the exploration program, i nclusive of drilling,
at the Company's 100% owned projects in Sweden, concentrating on the Company’s nickel resources, as
well as for general corporate purposes.
The closing of the Offering is subject to certain conditions, including but not limited to, the approval of
the TSX Venture Exchange (“Exchange”). In connection with the Offering, the Company may pay finders’
fees in cash or securities, or a combination of both, as permitted by the policies of the Exchange. 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the
securities in the United States 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,
registered under the United States Securities Act of 1933 , as amended (the “U.S. Securities 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 and applicable state securities laws.
About Gungnir Resources
Gungnir Resources Inc. is a Canadian -based TSX -V listed mineral exploration company (GUG: TSX -V,
ASWRF: OTCPK) with gold and base metal projects in northern Sweden. Gungnir’s assets include two
nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, w ith inferred resources totalling 177
million of nickel , and the Knaften project which hosts a developing intrusion -hosted gold system, and
News Release GUG: TSX-V
ASWRF: OTCPK
VMS (zinc-copper) and copper-nickel targets, all of which are open for expansion and further discovery.
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,
Jari Paakki, CEO 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 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. Fo rward-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: the closing of the Offering or a tranche, and the timing
thereof; the anticip ated Offering size; 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 warran ts; expectation to raise additional funds under the Offering; 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; the impact of international conflicts or wars on global
economy and Gungnir’s business ; no change to laws or regulations that negatively a ffect Gungnir’s business; there
will be a demand for Gungnir’s services and products in the future; Gungnir will be able to raise additional funds
under the Offering as anticipated; Gungnir will receive the required approvals to closing the Offering; 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.
News Release GUG: TSX-V
ASWRF: OTCPK
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 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 may not be able to complete its planned drilling as a nticipated; the impacts of the COVID -
19 pandemic; the impacts of war and/or other international conflicts ; ability to access capital markets and
complete successful fi nancings on terms Gungnir determines to be reasonable; environmental matters; changes in
legislation or regulations; receipt of required licenses, permits and approvals; and resource estimates may not be
accurate and may differ significantly from actual mineral resources. 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 informati on contained this news release 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 .