Bam Bam Resources (CSE:BBR) Corp. said it has closed an oversubscribed non-brokered private placement financing for total gross proceeds of $2,001,741.
The company said it will use the proceeds from the placement towards exploration on its Majuba Hill Property and general working capital. All securities issued are subject to a four-month-and-one-day hold period expiring on January 8, 2022
Bam Bam said it has allotted and issued 21,070,958 units at a price of $0.095 per unit, with each unit comprised of one common share and one transferable warrant. Each warrant will entitle the holder to purchase one additional common share for a period of twenty-four months at a price of $0.125 per share, subject to accelerated expiry.
READ: Bam Bam Resources welcomes latest 'exciting' exploration finds at Majuba Hill
In the event that Bam Bam's common shares trade at a closing price at or greater than $0.15 per share for a period of 10 consecutive trading days, the company said it may accelerate the expiry date of the warrants by giving notice to the holders, and in such case, the warrants will expire on the 30th day after the date on which such notice is given by the company.
Bam Bam Resources is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change.
The company's flagship project is the Majuba Hill copper, silver and gold District located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining-friendly jurisdictions where government regulations are supportive of mining operations.
Contact the author at jon.hopkins@proactiveinvestors.com