Bam Bam Resources (CSE:BBR) Corp. said it has arranged a non-brokered private placement of up to $1.9 million.
The company will issue up to 20 million units at a purchase price of 9.5 cents per unit.
Bam Bam said it will use the proceeds from the placement toward exploration on its Majuba Hill property and general working capital.
READ: Bam Bam Resources welcomes latest 'exciting' exploration finds at Majuba Hill
Each unit in the private placement will consist of common share of the company and one transferrable share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at an exercise price of 12.5 cents for a period of 24 months from the closing date, subject to accelerated expiry.
In the event that the company's common shares trade at a closing price at or greater than 15 cents per share for a period of 10 consecutive trading days, the company may accelerate the expiry date of the warrants by giving notice to the holders thereof, and in such case, the warrants will expire on the 30th day after the date on which such notice is given by the company.
Finder's fees may be payable in accordance with the policies of the Canadian Securities Exchange.
There will be a hold period of four months and one day on all securities issued under the placement.
Bam Bam Resources (CSE:BBR) is focused on advancing latter-stage copper and copper/silver/gold assets amid the green energy revolution.
The Majuba Hill copper, silver and gold district, which lies 156 miles outside Reno and is road accessible, is its flagship asset. Notably, the project already boasts mining infrastructure.
Between 1907 and 1960, Majuba Hill produced 2.8 million pounds of copper, 184,000 ounces of silver, over 885,000 pounds of lead and 5,800 ounces of lode gold.
Contact the author at jon.hopkins@proactiveinvestors.com