September 16, 2016 – Vancouver, British Columbia. Blackrock Gold Corp. (the “Company”) is pleased to announce that it has closed the first tranche of the non-brokered private placement that was announced on August 22, 2016 and September 9, 2016. The Company has issued 3,133,332 units at a price of $0.075 per unit for gross proceeds of approximately $235,000. Each unit is comprised of one common share and one share purchase warrant. Each warrant entitles the holder to acquire one additional share in the capital of the Company at a price of $0.15 until September 16, 2018.
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 $0.30 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.
Finder’s fees of 7% payable in cash were paid to Canaccord Genuity Corp. and Richardson GMP with respect to a portion of the private placement.
The common shares comprising the units and any shares issued upon the exercise of any warrants in this tranche are subject to a hold period expiring at midnight on January 16, 2017.
For further information, please contact:
For further information, please contact:
David R. Robinson, President& CEO
Blackrock Gold Corp.
Phone: 1.403.399.9047