Bam Bam Resources (CSE:BBR) Corp said it has closed an oversubscribed non-brokered private placement financing for total gross proceeds of $3,262,099.75.
The company said it will use the proceeds from the placement towards exploration on its Majuba Hill Property and general working capital.
Under the placement, Bam Bam said it has allotted and issued 50,186,150 units at a price of $0.065 per unit. Each unit is 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 36 months at a price of $0.09 per share, subject to accelerated expiry.
READ: Bam Bam Resources awaiting assays after completing this year's drilling at Majuba Hill, Nevada
In the event that Bam Bam's common shares trade at a closing price at or greater than $0.125 per share for a period of five consecutive trading days, the company 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.
In relation to the placement, the company has paid finder's fees of $15,892.50 to an arm's-length party.
All securities issued are subject to a four-month-and-one-day hold period expiring on April 25, 2022.
Bam Bam is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets.
The company's flagship project is the Majuba Hill copper, silver and gold district located 156 miles outside Reno, Nevada, US.
Contact the author at jon.hopkins@proactiveinvestors.com