VANCOUVER, Oct. 31, 2016 - Brazil Resources Inc. (the "Company" or "Brazil Resources") (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce that, further to its press release dated October 28, 2016, due to strong interest from existing and new investors, it has increased the size of its previously announced private placement (the "Private Placement") from aggregate gross proceeds of $4.0 million to $6.0 million, or 2,400,000 units (the "Units").
The Company intends to use proceeds from the Private Placement to bolster its ongoing acquisition strategy and for general working capital needs.
As previously disclosed, each Unit will consist of one common share of the Company and one half of a common share purchase warrant, each such warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of $3.50 up to two years after the closing of the Private Placement.
Closing of the Private Placement is subject to receipt of all necessary approvals, including approval of the TSX Venture Exchange (the "TSXV") and receipt of definitive subscriptions. The securities issued under the Private Placement will be subject to a four month hold period from the date of closing of the Private Placement in addition to any other restrictions under applicable law.
The Units, common shares and warrants have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the United States, absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THE UNITS, COMMON SHARES OR WARRANTS, IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.
About Brazil Resources Inc.
Brazil Resources Inc. is a public mineral exploration company with a focus on the acquisition, exploration and development of projects in Brazil, United States, Canada and other regions of the Americas. Brazil Resources is advancing its Titiribi Gold Copper Project, located in Colombia, Whistler Gold-Copper Project, located in Alaska, United States, Cachoeira and São Jorge Gold Projects, located in the State of Pará, northeastern Brazil and Rea Uranium Project, located in the western Athabasca Basin in northeast Alberta, Canada.
Source: Brazil Resources
