TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Oct. 4, 2017 /CNW/ - Garibaldi Resources (TSX.V:
GGI) (the "Company" or "Garibaldi") is pleased to confirm closing
of the final tranche of the Company's recently announced
$6 million private placement (see
September 26, 2017 news
release).
Gross proceeds from the final tranche total $3,497,120 with hard dollar and flow-through
units fully subscribed for by institutional resource
funds.
Steve Regoci, Garibaldi President
and CEO, commented: "We're grateful for the financial vote of
confidence by Eric Sprott and
institutional funds in the exciting developments at our 100%-owned
E&L Nickel Mountain Project near Eskay Creek. We
accelerated the program last month, as stated in our September 1 news release, and aggressive drilling
continues. We look forward to providing investors with a
detailed exploration update in the very near future."
Final Tranche Details
Garibaldi issued 1,216,000 units at $0.82 per unit with each unit consisting of one
common share of the Company and one full share purchase warrant
exercisable at a price of $1.05 per
share for a period of two years. Garibaldi also issued an
additional 2,717,391 flow-through units at $0.92 per unit with each unit consisting of one
common share of the Company and one half of one share purchase
warrant exercisable at a price of $1.05 per share for a period of two years. All
units from the private placement, non-flow-through and
flow-through, are subject to a 4-month hold period from the date of
issuance. This tranche included a finder's fee totaling
$248,552.56, paid to EMD financial
Inc. The $6 million financing
is subject to final TSX Venture approval.
Use of Proceeds
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 capital
purposes.
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.
We seek safe harbor.
GARIBALDI RESOURCES CORP.
Per: "Steve Regoci"
Steve Regoci, President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release.
SOURCE Garibaldi Resources Corp.