OTCPK:BRNGF - Post by User
Post by
vern117on Sep 28, 2010 1:35pm
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news today
news todayBolero Resources arranges $1-million private placement
2010-09-28 01:29 ET - News Release
Mr. Bruce Duncan reports
BOLERO ARRANGES $1 MILLION FINANCING
Bolero Resources Corp. has arranged a non-brokered private placement of four million units at a price of 25 cents per unit to raise proceeds of $1-million. No commissions are payable in connection with this planned financing. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the company at a price of 30 cents per share for two years.
The private placement is subject to TSX Venture Exchange approval in the normal course, and the securities to be issued will bear a four-month-and-one-day hold period. Bolero has received orders for 100 per cent of the intended private placement, of which 95 per cent of the orders are institutions and insiders. The company expects to close the private placement in the next five to seven business days. The proceeds will be used to advance Bolero's three primary assets, the Red Chris South prospect in British Columbia, bordering Imperial Metals Corp.'s Red Chris copper/gold property, the White Gold prospect in the White Gold district/Stewart River region of the Yukon and the Carbonatite Syndicate rare earth prospect in Northern B.C., and for working capital purposes.