BCM Resources partially completes financing 2023-03-23 07:15 ET - News Release
An anonymous director reports
BCM RESOURCES CORPORATION PARTIALLY CLOSES FINANCING
Further to the March 21, 2023, news release BCM Resources Corp. has partially completed the non-brokered private placement. Proceeds of $2,647,793 were raised through the issuance of 10,581,174 units. Applicable hold period will apply. The financing is subject to final approval by the TSX Venture Exchange.
BCM RESOURCES CORPORATION ANNOUNCES FINANCING
BCM Resources Corp. has arranged a non-brokered private placement financing for proceeds of up to $3,125,500 through the issuance of up to 12.5 million units priced at 25 cents per unit. Each unit consists of one common share of the company and one share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the company at a price of 33 cents for one year from the date of issue. All the securities issuable will be subject to an applicable hold period from the date of issue.
Proceeds from the financing will be used to continue the drilling and geophysical exploration program, led by the company's president and chief executive officer, Dr. Sergei Diakov, at BCM's Thompson Knolls (TK) property. Thompson Knolls is a porphyry Cu-Au-Mo (copper-gold-molybdenum) discovery project located via highway 6-50 in west-central Utah, United States. The financing is subject to approval by the TSX Venture Exchange.
About Thompson Knolls (TK) -- greenfield porphyry Cu-Au-Mo discovery in Utah
BCM Resources has a 100-per-cent interest in the TK project, located in west-central Utah. TK is a greenfield discovery of a blind porphyry Cu-Au-Mo system. TK is well situated 210 kilometres southwest of the world-class Bingham Canyon porphyry copper-molybdenum-gold mine of Rio Tinto. Discovery hole TK18-1 intersected a porphyry copper mineralized body of quartz monzonite porphyry (QMP) with locally strong potassic plus quartz-sericite alteration and locally abundant pyrite and lesser oxide copper mineralization. The QMP intruded a premineral body of quartz latite porphyry. This is suggestive of the typical porphyry copper-gold system. TK phase 3 drilling program of permitted total seven drill holes is currently under way intercepting mineralization both in marble-diopside skarns surrounding the QMP intrusion and within the intrusive stockwork itself. The TK porphyry Cu-Au-Mo system is entirely covered by postmineral fanglomerate creating challenges for better understanding of the system and vectoring to its copper core. Systematic drilling of phase 3 program is designed to test extensions of the TK mineralized system and pinpoint location of its highest-grade copper mineralization. The company's drilling contractor is currently advancing drill hole TK10 in the northeastern part of the system.
About BCM Resources Corp.
BCM Resources is a diversified Canadian mineral exploration company now focused on completing the discovery drilling of the Thompson Knolls property, its key asset. BCM also controls prospective copper, gold and molybdenum exploration projects in British Columbia. BCM Resources is managed by experienced and successful board members and advisers.