Calgary, Alberta--(Newsfile Corp. – July 8, 2021) – Braveheart Resources Inc. (TSXV: BHT) (OTCQB:RIINF) (FSE:2ZR) ("Braveheart" or the "Company") has closed a financing for gross proceeds of $723,313.
The financing is comprised of 7,233,130 units (“Units”), priced at $0.10 per Unit for proceeds of up to $723,313 (the “Offering”). Each Unit consists of one common share and one common share purchase warrant. Each warrant is exercisable into a common share at a price of $0.14 per share for a period of 24 months from the Offering.
The Company paid commissions to eligible finders under the Offering totalling $9,000 and 90,000 finder’s warrants, with each finder’s warrant exercisable into a common share at an exercise price of $0.14 per share for 24 months. The financing and any finder’s fees are subject to TSX Venture Exchange approval.
All securities issued under the Offering will be subject to a statutory hold period that expires four months and one day from issuance.
The net proceeds from the financing will allow the Company to continue with exploration activities and infrastructure up-grades at its 100% owned Bull River Mine project near Cranbrook, British Columbia. A portion of the funds will be used to decommission and transport a 10 MVA transformer and related switchgear (previously purchased by the Company in 2019) from Manitoba to British Columbia with planned installation and commissioning at the Bull River Mine project during the month of July 2021.
About Braveheart Resources Inc.
Braveheart is a mining company primarily focused on two near-term copper production assets in Canada. Braveheart's main asset is the 100% owned Bull River Mine project (>85MM lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. Braveheart's newest acquisition is the 100% owned Thierry Mine project (>860MM lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.
Braveheart Resources Inc.
President & Chief Executive Officer
For more investor information, please contact Braveheart at:
Director, Corporate Development
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.