Thunderstruck Resources Ltd (TSX-V) (OTCQB:THURF) said its private placement had closed and they were able to raise gross proceeds of C$100,000.
The funds were raised through the sale of 1.25 million units at a price of C$0.08 per unit which is comprised of one common share and one share purchase warrant. Each warrant entitles the holder to purchase a further common share at a price of $0.15 per share until October 9, 2021.
The warrants are subject to accelerated exercise provisions such that if the closing price of the company’s common shares exceeds C$0.25 per share for a period of 20 consecutive trading days, Thunderstruck may give notice of the acceleration of the warrants’ term to a period of 30 days following such notice.
Proceeds of the placement will be used in exploration programs for the company’s Fiji properties and general working capital.
BIG PICTURE: Thunderstruck Resources offers significant blue sky upside with gold, zinc and copper in Fiji
All securities issued in the first tranche are subject to a hold period in Canada expiring on February 10, 2019. Additional restrictions may apply to US investors.
New additions
Thunderstruck also announced the appointment of Annie Zou as its chief financial officer and corporate secretary, replacing Scott Hamilton who has resigned.
Additionally, the company advises that it has entered into a consulting agreement with Rob Christl for the provision of investor relations services.
Thunderstruck Resources is a Canadian mineral exploration company that has properties in Fiji on which previous exploration has confirmed VMS, copper and precious metals deposits.