(TheNewswire)
Vancouver, British Columbia – TheNewswire - December 14, 2023) – Bathurst Metal Corp.(TSXV:BMV) (OTC:BMVVF) (“Bathurst” or the “Company”) is pleased to announce it has closed the firsttranche of its previously announced private placement of flow-throughand non flow-through units. The Company issued 3,150,000flow-through units at a price of $0.10 per FTunit and 1,150,000 non flow-through units at a price of $0.08 per nonFT unit for gross proceeds of $407,000.
Each FT Unit consists of one (1) common share andone-half (1/2) of one common share purchase warrant, with each wholeshare purchase warrant entitling the holder, on exercise, to purchasean additional common share of the Company at a price of $0.20 pershare for a period of one year from closing. Each non FT Unitconsists of one (1) common share and one (1) common share purchasewarrant of the Company, with each whole share purchase warrantentitling the holder, on exercise, to purchase an additional commonshare of the Company at a price of $0.15 per share for a period of oneyear from closing.
Finders’ fees of 7% cash and 7% broker warrants werepaid on a portion of this tranche. Thesecurities issued are subject to a four-month hold period.
The Company intends to use the gross proceeds from thesale of FT units to incur Canadian Exploration Expenses that areFlow-Through Mining Expenditures (as such terms are defined in theIncome Tax Act (Canada)). The Company will renounce such CanadianExploration Expenses with an effective date of no later than December31, 2023. Proceeds of the sale of non FT units will be used forworking capital.
The Company also announces it has obtained TSXVapproval to extend the deadline to complete the private placement by30 days to January 15, 2024.
The Company announced on October 25, 2023 theengagement of Paradox Public Relations Inc.("Paradox") to provide investor relations services to theCompany. At the request of the TSXV, the Company confirms thatParadox is at arm’s length to the Company. At the time of itsengagement, Paradox did not own any securities of the Company.
On behalf of the Board of Directors
“Harold Forzley”
CEO
Bathurst Metals Corp.
For more information contact Harold Forzley, CEO
info@bathurstmetalscorp.com ; (604)783-4273
Neither TSX Venture Exchange nor its regulationservices provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Forward Looking Statements
Certain of the statements made and informationcontained herein may contain forward- looking information within themeaning of applicable Canadian securities laws. Forward-lookinginformation includes, but is not limited to, information concerningthe Company’s intentions with respect to the development of itsmineral properties. Forward-looking information is based on the views,opinions, intentions and estimates of management at the date theinformation is made, and is based on a number of assumptions andsubject to a variety of risks and uncertainties and other factors thatcould cause actual events or results to differ materially from thoseanticipated or projected in the forward-looking information (includingthe actions of other parties who have agreed to do certain things andthe approval of certain regulatory bodies). Many of these assumptionsare based on factors and events that are not within the control of theCompany and there is no assurance they will prove to be correct. Therecan be no assurance that forward-looking information will prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such information. The Company undertakes noobligation to update forward-looking information if circumstances ormanagement’s estimates or opinions should change except as requiredby applicable securities laws, or to comment on analyses, expectationsor statements made by third parties in respect of the Company, itsfinancial or operating results or its securities. The reader iscautioned not to place undue reliance on forward-looking information.
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