Broadway Gold Mining Ltd. (BRD: CA) intends to offer for sale, on a non-brokered private placement basis, up to five million units of the company for aggregate gross proceeds of up to $5-million. Each Unit will be comprised of one common share in the capital of the Company (each, a “Common Share”), and one half (1/2) Common Share purchase warrant (each whole such warrant, a ” Warrant”), with each Warrant being exercisable to acquire one Common Share at a price of $1.60 for a period of 18 months following the closing date of the Offering. Closing is expected on or about April 21, 2017, or such other date(s) as the Company may determine.
The Units will be offered on a private placement basis pursuant to the “accredited investor” exemptions under National Instrument 45-106 and certain other available and agreed upon exemptions from the prospectus requirement.
The proceeds derived from Offering will be used for general corporate purposes and for geophysics, underground and surface drilling on its Madison copper-gold project. The Company will pay finders fees equal to 6% of the gross proceeds raised by the Company and issue compensation options equal to 10% of the number of Units sold. The compensation options will be exercisable to acquire one Unit for a period of 18 months from the date of issuance thereof at an exercise price of $1.00 per Common Share. All securities sold or issued in connection with the Offering will be subject to a hold period of four months and one day from the date of issuance thereof. The Offering is subject to the approval of the TSX Venture Exchange.
About Broadway Gold Mining Ltd.
Broadway Gold Mining Ltd. is a resource company focused on development-stage projects with unexploited exploration potential. The company owns a 100% interest in the Madison copper-gold project located in the Butte-Anaconda mining region of Montana, USA. The Madison project is permitted for exploration and contains a past-producing underground mine that Broadway has refurbished. While actively expanding known copper and gold zones that remain open for development in the mine’s perimeter, the company’s exploration program has identified new anomalies across its extensive land package that provides compelling drill targets that are believed to be associated with large-scale porphyry mineralization.
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