VANCOUVER, Sept. 26, 2017 /CNW/ - Garibaldi Resources (TSX.V: GGI) (the "Company" or "Garibaldi") reports that further to the Company's September 1, 2017, news release announcing the arrangement of a non-brokered private placement to raise total gross proceeds of $6,000,000 (CDN), the TSX Venture Exchange has informed the Company that the fully subscribed financing is subject to re-pricing on the basis that the news release was deemed a material change.
Private Placement Details
The TSX Venture has accepted the revised pricing for the amended financing. Garibaldi will issue 2,622,500 non-flow-through units at 82 cents per share (gross proceeds of $2,150,450) and 4,184,000 flow-through units at 92 cents per share (gross proceeds of $3,849,280). The non-flow-through unit includes a full warrant exercisable at $1.05 for two years. The flow-through unit includes a half warrant exercisable at $1.05 for two years.
All units from the private placement are subject to a 4-month hold period from the date of issuance.
The financing will include finder's fee commissions and is subject to final TSX Venture approval. All proceeds from the flow-through portion will be used to advance the E&L Nickel Mountain Project and other Garibaldi properties in the Eskay Camp and elsewhere in British Columbia. Proceeds from the non-flow-through financing are intended to advance the Company's gold and silver properties in Mexico, and for general working corporate purposes.
Options Granted
The company has granted at total of 200,000 incentive stock options exercisable for up to five years at a price of $1.50 per share pursuant to its stock option plan. The stock option grant is subject to applicable regulatory hold periods and approval of the TSX Venture Exchange.
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in Mexico and British Columbia.
