logo-loader

Gungnir Resources closes first tranche of upsized placement for gross proceeds of $750,000, being the lead order from Altius Minerals

Published: 22:15 25 Mar 2022 AEDT

Canadian dollars and gold
Gungnir Resources said it intends to close the second and final tranche of the private placement during the week of March 28, 2022

Gungnir Resources Inc said it has closed the first tranche of its previously announced upsized non-brokered private placement offering of up to $2.4 million for gross proceeds of $750,000, being the lead order from Altius Minerals Corp.

The company said it intends to close the second and final tranche of the private placement during the week of March 28, 2022. 

Gungnir said the net proceeds of the offering will be used to continue the exploration program, inclusive of drilling, at the company's 100% owned projects in Sweden, concentrating on its nickel resources, as well as for general corporate purposes.

In addition to Altius' lead order in the private placement, the company has entered into a royalty option agreement with Altius in exchange for $250,000 cash. No finder's fees were paid on the first tranche of the private placement.

READ: Gungnir Resources receives C$1M strategic investment from Altius Minerals

Each unit in the offering will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $0.18 per share for a period of 24 months from the closing.

The closing of the offering is subject to certain conditions, including but not limited to, the approval of the TSX Venture Exchange.

In connection with the offering, the company may pay finders' fees in cash or securities, or a combination of both, as permitted by the policies of the Exchange. 

All securities issued under the offering are subject to a hold period expiring four months and one day from the closing date.

Gungnir Resources is a Canadian-based mineral exploration company with gold and base metal projects in northern Sweden. 

Gungnir's assets include two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, with inferred resources totalling 177 million of nickel, and the Knaften project which hosts a developing intrusion-hosted gold system, and VMS (zinc-copper) and copper-nickel targets, all of which are open for expansion and further discovery.

Contact the author at jon.hopkins@proactiveinvestors.com

Novo Resources sees substantial upside potential at Nunyerry

Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) co-chair and acting CEO Mike Spreadborough joins Jonathan Jackson in the Proactive studio to discuss promising gold outcomes from recent reanalysis of drill intercepts in a 2023 program at Nunyerry North in Western Australia. Using advanced...

14 hours, 48 minutes ago