Braveheart Resources (BHT) has raised more than C$1.54 million to fund work at its Bull River Mine in British Columbia.
Under the terms of the offering, which was announced on September 22, 2020, the Calgary-based junior mining company issued a total of 20,545,734 units at a price of 7.5 cents each. These units are comprised of one common share in Braveheart and one common share purchase warrant.
Each warrant will be exercisable at a price of $0.11 per share over a period of three years from the date of issuance.
The offering was completed in two tranches. The first consisted of 7 million units for a total of $525,000, while the second consisted of 13,545,734 for just over $1.01 million
In connection with the placement, Braveheart issued just over $15,000 in cash and 200,020 warrants to certain finders parties. These warrants will be exercisable at a price of $0.11 per share for a period of three years.
All of the securities issued under the offering are subject to a mandatory holding period of four months and one day.
Braveheart said the proceeds raised will be used to support various engineering and permitting activities at the wholly owned Bull River Mine, which will include the acceleration of development plans.
With the placement now complete, Braveheart has terminated a financing facility that was announced on July 15, 2020, with Alumina Partners.
The deal outlined a facility for up to $8 million with the New York- based private equity firm, but is now considered redundant with the latest injection of cash.
Braveheart Resources (BHT) is currently steady at 9.5 cents per share, as of 10:21am EST.