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Blackrock Gold closes upsized' bought-deal' public offering, including full exercise of the over-allotment option, for gross proceeds of C$10.35M

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Blackrock Gold Corp. (CVE:BRC) said it has closed its previously announced and upsized ‘bought-deal’ public offering, including full exercise of the over-allotment option, for gross proceeds of C$10,350,000. 

Under the offering, a total of 14,375,000 units of the company at a price of C$0.72 per unit were sold on a ‘bought deal’ basis. Due to investor demand, as previously disclosed on January 29, the offering was upsized from C$7.02 million. 

The net proceeds raised from the offering will be used to fund the exploration of the company’s Tonopah West and Silver Cloud properties in Nevada and for working capital and general corporate purposes.

READ: Blackrock Gold upsizes “bought deal” placement to raise gross proceeds of up to C$9,000,000, from C$7,020,000

Each unit in the offering is comprised of one common share in the capital of the company and one half of one common share purchase warrant. Each whole warrant is exercisable into one common share at a price of C$1.10 at any time on or before the date which is 36 months after the closing date of the offering. 

The offering was led by Red Cloud Securities Inc. as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters that included Canaccord Genuity Corp., Mackie Research Capital Corporation and PI Financial Corp.

The units were offered and sold by way of a short form prospectus filed in all of the provinces of Canada, with the exception of Quebec, and was offered and sold outside of Canada on a private placement basis.

In connection with the offering, the underwriters received a total cash commission of C$586,877.76 and 419,402 non-transferable broker warrants, each entitling them to purchase one common share of the company at a price of C$0.72 per common share until February 19, 2024.

Contact the author at [email protected]

Story by ProactiveInvestors


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