Vancouver, British Columbia--(Newsfile Corp. - November 16, 2020) - Bam Bam Resources Corp. (CSE: BBR) (OTC: NPEZF) (FSE: 4NPB) ("Bam Bam" or the "Company") is pleased to announce it has closed an over-subscribed non-brokered private placement financing for total gross proceeds of $2,590,000 (the "Private Placement").
The Company has allotted and issued 5,180,000 units (the "Units") at a price of $0.50 per Unit. Each Unit is comprised of one common share and one transferable warrant ("Warrant"). Each Warrant will entitle the holder to purchase one additional common share for a period of thirty-six (36) months at a price of $0.80 per share, subject to accelerated expiry.
In the event that the Company's common shares trade at a closing price at or greater than $1.50 per share for a period of 10 consecutive trading days, the Company may accelerate the expiry date of the warrants by giving notice to the holders thereof, 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 Private Placement, the Company has paid finder's fees of $25,200 and issued 50,400 finder's warrants to an arm's-length party, with each finder's warrant exercisable into a common share at a price of $0.25 per share, subject to the same accelerated expiry as above.
The Company will use the proceeds from the Private Placement towards exploring its Majuba Hill Property and general working capital. All securities issued are subject to a four-month-and-one-day hold period expiring on March 17, 2021.
In addition, the Company has granted an aggregate 375,000 restricted share units (the "RSUs") to directors, officers and consultants of the Company. The RSUs are valid for a one-year term and are subject to a hold period of four months and one day expiring on March 17, 2021. The RSUs are governed by the Company's RSU Plan, approved by the Company's shareholders on December 2, 2019.
About Bam Bam Resources Corp.
Bam Bam Resources Corp. (CSE: BBR) (OTC: NPEZF) (FSE: 4NPB) is engaged in the identification, review and acquisition of latter stage copper and copper/gold assets. With its flagship project being Majuba Hill copper gold project located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions and government regulations supportive of mining operations.
On Behalf of the Board of Bam Bam Resources Corp.
"David Greenway"
President & CEO
For further information, please contact:
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P: (604) 318-0114
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties, which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.
