November 21, 2016 – Vancouver, British Columbia. Blackrock Gold Corp. (the “Company”) is pleased to announce the appointment of Mr. Tom Bruington to the Board of Directors of the company.
Based in Vancouver, BC. Mr. Bruington is Executive Vice President of Project Evaluation at Sandstorm Gold, responsible for appraisal and due diligence of Sandstorm’s investments. Prior to joining Sandstorm, Mr. Bruington worked for 12 years at the International Finance Corporation (“IFC”) where he was the Chief Engineer/Industry Specialist for the mining division of the oil, gas, mining and chemicals department. In that role, Mr. Bruington was responsible for business development, technical appraisal, and operational supervision of the IFC’s resource investments, completing more than 100 project appraisals in over 70 countries. Prior to the IFC, Mr. Bruington spent 20 years with a number of resource companies and was involved in mine design, construction and operations at precious metal, base metal, and energy projects in Australia, South Africa, South America and the US. Mr. Bruington is a Registered Professional Engineer and holds a Bachelor of Science in Mining Engineering, a Bachelor of Science in Petroleum Engineering, and a Master of Science in Mineral Economics, all from the Colorado School of Mines.
To accommodate the appointment of Mr. Bruington to the Board, Mr. Amit Kumar, the corporate secretary of BRC, has agreed to step down as a director. Mr. Kumar will continue in his role as corporate secretary. The Company welcomes the continued involvement of Mr. Kumar with BRC.
Furthermore, BRC announces that it has granted 100,000 incentive stock options to Mr. Bruington. The options, which are subject to the terms and conditions of the Company’s stock option plan and the policies of the TSX Venture Exchange, may be exercised at a price of $0.10 per share for a term of 5 years.
Blackrock Gold Corp. (the “Company”) is pleased to announce a non-brokered private placement (the “Private Placement”) of up to 2,000,000 units (the “Units”) at a price of $0.10 per Unit, for gross proceeds of up to $200,000. Each Unit is comprised of one common share and one-half of one share purchase warrant.
Each whole warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.18 per share, for a period of two years from the date the Units are issued.
If during the exercise period of the warrants, but after the resale restrictions on the shares have expired, the Company’s shares trade at or above a weighted average trading price of $0.36 per share for 15 consecutive trading days, the Company may accelerate the expiry time of the warrants by giving written notice to warrant holders that the warrants will expire 30 days from the date of providing such notice.
Assuming the Private Placement is fully subscribed, the Company plans to allocate the gross proceeds of the Private Placement as to: (i) mineral exploration work ($100,000) and (ii) general working capital ($100,000).
A portion of the Private Placement may be completed in accordance with the exemption set out in BC Instrument 45-536 (Exemption from prospectus requirement for certain distributions through an investment dealer) (the “Investment Dealer Exemption”).
The Company may pay finder’s fees on a portion of the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the “Exchange”). If the Private Placement is not fully subscribed, the Company will apply the proceeds to the above uses in priority and in such proportions as the Board of Directors and management of the Company determine is in the best interests of the Company. Although the Company intends to use the proceeds of the Private Placement as described above, the actual allocation of proceeds may vary from the uses set out above, depending upon future operations, events or opportunities.
In accordance with the requirements of the Investment Dealer Exemption, the Company confirms there is no material fact or material change related to the Company which has not been generally disclosed.
The Private Placement is subject to the approval of the Exchange.
The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
For further information, please contact:
David R. Robinson, President & CEO
Blackrock Gold Corp.