Thunderstruck arranges $3.5-million private placement
2023-03-20 16:20 ET - News Release
Mr. Rob Christl reports
NON-BROKERED PRIVATE PLACEMENT
Thunderstruck Resources Ltd. has arranged a non-brokered private placement to raise up to $3.5-million for drilling and exploration programs on its 100-per-cent-owned Fijian assets, as well as for general working capital, including potential property acquisitions.
The placement involves the sale of up to 50 million units at a price of seven cents per unit. Each unit will comprise one common share and one-half share purchase warrant. Each full warrant will entitle the holder to purchase a further common share at a price of 15 cents per share for a period of 36 months. The warrants will be subject to accelerated exercise provisions such that if the closing price of the company's common shares exceeds 25 cents per share for a period of 20 consecutive trading days, the company may give notice of the acceleration of the warrants' term to a period of 30 days following such notice. Finders' fees may be payable on all or any portion of the placement, which is subject to regulatory approval, including the approval of the TSX Venture Exchange.
About Thunderstruck Resources Ltd.
Thunderstruck is a Canadian mineral exploration company focused on the discovery of high-value gold-silver epithermal and copper-gold porphyry deposits on the main island of Viti Levu in Fiji.
Fiji has a long history of mining with over 75 years of activity at the prolific Vatukoula gold mine alongside several advanced development projects, including Tuvatu (Lion One: TSX Venture Exchange: LIO), indicated resources of 1.00 million tonnes of 8.48 grams per tonne gold (274,600 ounces), inferred resources of 1.33 Mt of 9.0 g/t Au (384,000 oz) (Tuvatu preliminary economic assessment update: National Instrument 43-101) and Namosi (Newcrest Mining: Australian Securities Exchange: NCM), proven, measured and indicated resources of 1.8 billion tonnes at 0.35 per cent copper and 0.11 g/t gold (6.4 million oz Au and 6.3 million tonnes Cu) (Newcrest annual mineral resources update, June, 2022).
The company provides investors with exposure to a diverse portfolio of exploration-stage projects with potential for zinc, copper, gold and silver in a politically safe and stable jurisdiction. Thunderstruck trades on the TSX Venture Exchange under the symbol AWE and on the U.S. OTC under the symbol THURF.
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