Brazil Resources Inc. (TSXV:BRI,OTCQX:BRIZF) has completed its previously announced non-brokered private placement of units at a subscription price of $0.55 per Unit.
As quoted in the press release:
A total of 11,650,620 Units were issued under the Private Placement, with each Unit consisting of one common share and one share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.75 at any time within 60 months from the closing date, subject to acceleration in certain circumstances in accordance with the terms of the warrant indenture governing the Warrants. The Company currently intends to seek listing of the warrants on the TSX Venture Exchange (the “TSXV”) upon the expiry of the applicable hold period.
Brazil Resources Chairman, Amir Adnani, said:
We are very pleased to announce the closing of this oversubscribed Private Placement. We thank our current and new shareholders for their strong support. The proceeds of this financing will allow us to advance our long-term growth strategy, including positioning the company to take advantage of accretive opportunities in the current depressed resource markets.