(TheNewswire)
Vancouver, B.C. - TheNewswire - December 29, 2022 – Bathurst Metals Corp. (“Bathurst” or the “Company”) ( TSXV:BMV ) ( OTC:BMVVF ) is pleased to announce it has closed the previously announcedprivate placement (the “Flow-Through Offering”). The Companyraised a total of C$207,500.00 through the issuance of 1,660,000 unitswith a subscription price of CDN$0.125 per unit (a “FT Unit”). Each FT Unit consists ofone flow-through common share (“Share”) and one share purchasewarrant to purchase one additional non flow-through share (“WarrantShare”) exercisable at a price of $0.25 per Warrant Share for aperiod of two (2) years from the date of issue of the Units, December28, 2022.
The Company Intends to use the gross proceeds from theflow-through portion of the Flow-Through Offering to incur CanadianExploration Expenses that are Flow-Through Mining Expenditures (assuch terms are defined in the Income Tax Act (Canada)). The Companywill renounce such Canadian Exploration Expenses with an effectivedate of no later than December 31, 2022.
The proceeds from the Flow-Through Shares issued underthe Flow-Through Offering will be used in part to fund the Company’s2023 exploration and evaluation program on the recently announced(November 17, 2022) BC based Peerless Project
The Company announces it has also closed a non-brokered private placement financing of $40,000.00 in gross proceeds through the issuance of400,000 units (the “Units”) of securities at a price of $0.10 perUnit (the “Non Flow-Through Offering”). Each Unit is comprisedof one share and one non-transferable share purchase warrant, witheach whole warrant entitling the holder to purchase one additionalshare at a price of $0.20 for one (1) year from the date of issue,December 28, 2022. The net proceeds will be used to pay agent’scommissions and administrative expenses..
Both private placements are subject to the approval ofthe TSX Venture Exchange. All Shares issued will be subject to afour (4) month and one day hold period which will expire on the datethat is four (4) months and one day from the date of issue, December28, 2022
Finder’s fees of seven percent (7%) cash were paid ona portion of the Offerings.
Onbehalf of the Board of Directors
Bathurst Metals Corp.
For more information contact Harold Forzley, ChiefExecutive Officer
Neither TSX Venture Exchange nor itsregulation services provider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease.
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