PR Newswire
VANCOUVER, BC, Nov. 24, 2020
TSX: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, BC , Nov. 24, 2020 /PRNewswire/ - Garibaldi Resources (TSXV: GGI) (the "Company" or "Garibaldi") is pleased to announce that further to the Company's November16, 2020 news release reporting the arrangement of a non-brokered private placement of up to 5 million flow-through units at 60 cents to raise up to $3,000,000 (CDN), the Company has closed the first tranche of $2,033,200 CDN by the issuance of 3,388,666 units at 60 cents per unit.
Each flow-through unit is comprised of one flow-through share and one-half of a non-transferable share purchase warrant. Each full warrant is exercisable into one common share in the capital of the Company at a price of 75 cents for a period of two years. All units from the private placement are subject to a four month hold period from the date of issuance. Two directors of the Company have subscribed for a total of 52,000 units of this offering between them in reliance on the exemptions from the requirements of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions provided by subsections 5.5(a) and 5.7(a) thereof.
On closing this tranche of the financing, a finder's fee cash payment of $105,000 CDN was made and 175,000 warrants issued exercisable at 60 cents for 24 months from the date of issuance. All proceeds from the flow-through will be used to advance Garibaldi's properties in the Eskay Camp and elsewhere in British Columbia .
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico .
We seek safe harbor.
GARIBALDI RESOURCES CORP.
Per:
Steve Regoci , President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release.
SOURCE Garibaldi Resources Corp.