Mr. Amir Adnani reports
BRAZIL RESOURCES TO RAISE UP TO $2,000,000 BY WAY OF A NON-BROKERED PRIVATE PLACEMENT
Brazil Resources Inc. intends to carry out a non-brokered private placement of up to 4,444,444 common shares of the company at 45 cents per common share for aggregate gross proceeds of up to $2-million. The pricing for this placement is at a 10-per-cent discount to the 15-day volume-weighted average price. All common shares issued under the private placement will be subject to a four-month hold period from the closing date.
The company expects that significant shareholders and other insiders will comprise the majority of the subscribers under the proposed private placement.
The company intends to use the net proceeds from the private placement to advance its corporate strategy, including expenses associated with the exploration of its existing projects and the acquisition of additional projects, and for working capital and general corporate purposes.
Closing of the private placement is expected to occur this month and is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange and receipt of definitive subscriptions.
We seek Safe Harbor.
