Gungnir Resources closes $298,200 private placement
2021-09-10 11:16 ET – News Release
Mr. Chris Robbins reports
GUNGNIR ANNOUNCES CLOSING OF PRIVATE PLACEMENT
Gungnir Resources Inc. has closed the previously announced, non-brokered private placement of 5,964,000 units of the company priced at five cents per unit for total gross proceeds of $298,200. Each unit consists of one common share in the capital of the company and one common share purchase warrant, with each warrant entitling the holder thereof to acquire one common share at an exercise price of eight cents for a period of two years from the closing of the offering, subject to an accelerated expiry in the event the common shares trade at or above 20 cents on the TSX Venture Exchange for a period of 20 consecutive trading days after the expiry of the four-month-and-one-day hold period.
The net proceeds from the offering will be used for the company’s continuing exploration activities in Sweden and for general corporate purposes.
All securities issued under the offering are subject to a hold period expiring four months and one day from the closing date of the offering.
As consideration for the services of certain finders, the company paid an aggregate cash commission of $1,600 and issued 32,000 non-transferrable finders’ warrants. Each finder’s warrant entitles the holder to acquire one common share at a price of five cents for a period of two years from the closing of the offering.
Insiders of the company subscribed for an aggregate of 1.45 million units under the offering. Each transaction with an insider of the company constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation requirements of MI 61-101, pursuant to Section 5.5(a), and the minority shareholder approval requirements of MI 61-101, pursuant to Section 5.7(1)(a), in respect of such insider participation, as the fair market value of the transaction, insofar as it involves interested parties, does not exceed 25 per cent of the company’s market capitalization.
About Gungnir Resources Inc.
Gungnir Resources is a Canadian-based mineral exploration company with gold and base metal permits in northern Sweden. The company’s key project, Knaften, hosts high-grade gold, volcanogenic massive sulphide (zinc-copper) and copper-nickel targets, and all are open for expansion and further discovery. The company also holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, located east of Knaften.
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