BRS Resources arranges $300,000 private placement
2017-07-10 19:47 ET - News Release
Mr. Byron Coulthard reports
BRS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
BRS Resources Ltd., subject to regulatory approval, has arranged a non-brokered private placement financing of up to six million units at a price of five cents per unit for gross proceeds of $300,000. Each unit consists of one common share of the company and one share purchase warrant. One warrant entitles the holder thereof to purchase one additional share of the company at a price of 10 cents per share for a period of three years from closing.
Closing of the offering remains subject to final acceptance of the TSX Venture Exchange. The company may pay finders' fees in connection with the issuance of the units under the offering. The shares, the warrants and the shares issuable on exercise of the warrants will be subject to a statutory hold period expiring on the date that is four months and one day after closing of the offering. The offering may be considered a related party transaction pursuant to applicable securities laws due to the fact that certain insiders of the company may participate in the offering.
The proceeds of the financing will be used for working capital.
None of the securities issued in connection with the financing will be registered under the United States Securities Act of 1933, as amended, and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act.