Gungnir Resources Inc said that, due to significant market demand, it has increased the size of its previously announced non-brokered private placement to aggregate gross proceeds of up to $2.4 million from $1.4 million previously.
The upsized offering will consist of up to 20,000,000 units of the company at a price of $0.12 per unit. Each unit will comprise of one common share in the capital of the company and one common share purchase warrant.
Each warrant entitles the holder to acquire one common share at a price of $0.18 per share for a period of 24 months from the closing.
The net proceeds of the offering will be used to continue the exploration program, inclusive of drilling, at the company's 100% owned projects in Sweden, concentrating on its nickel resources, as well as for general corporate purposes.
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The closing of the offering is subject to certain conditions, including but not limited to, the approval of the TSX Venture Exchange.
In connection with the offering, the company may pay finders' fees in cash or securities, or a combination of both, as permitted by the policies of the exchange.
All securities issued under the offering are subject to a hold period expiring four months and one day from the closing date.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
Gungnir Resources is a Canadian-based mineral exploration company with gold and base metal projects in northern Sweden.
Its assets include two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, with inferred resources totalling 177 million of nickel, and the Knaften project which hosts a developing intrusion-hosted gold system, and VMS (zinc-copper) and copper-nickel targets, all of which are open for expansion and further discovery.
Contact the author at jon.hopkins@proactiveinvestors.com