Gungnir Resources Inc said it has completed the second and final tranche of its previously announced upsized non-brokered private placement which raised total gross proceeds of $2,558,200.
The second and final tranche consisted of 15,068,336 units of the company priced at $0.12 per unit for gross proceeds of $1,808,200, resulting in a total of 21,318,336 units issued under the offering.
Each unit consists of one common share in the capital of the company and one common share purchase warrant, with each warrant entitling the holder to acquire one common share for a period of two years from the applicable closing date of the offering at an exercise price of $0.18 per share.
The company said the net proceeds of the offering will be used to continue the exploration program, inclusive of drilling, at its 100% owned projects in Sweden, concentrating on the company's nickel resources, as well as for general corporate purposes.
READ: Gungnir Resources upsizes non-brokered private placement to aggregate gross proceeds of up to $2.4M due to significant market demand
All securities issued under the offering are subject to a hold period expiring four months and one day from the applicable closing date.
As consideration for the services of certain finders, the company said it paid an aggregate cash commission of $120,240 and issued an aggregate of 989,999 finder options. Each finder option is exercisable at a price of $0.12 and entitles the holder to acquire one common share and one common share purchase warrant. Each finder 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 of the offering.
Insiders of the company subscribed for an aggregate of 125,000 units under the offering, Gungnir noted.
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.
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