Vancouver, British Columbia--(Newsfile Corp. - December 21, 2020) - Bond Resources Inc. (CSE: BJB) (the "Company" or "Bond") is pleased to announce that it has closed its non-brokered private placement (the "Financing"), raising $2,366,392 in gross proceeds through the issuance of 15,775,947 units (the "Units") at a price of $0.15 per Unit. (See press release of November 3, 2020.) Each Unit is comprised of one common share and one common share purchase warrant ("Warrant"), with each whole Warrant entitling the holder to purchase one common share of Bond at a price of $0.40 per share for a period of 2 years, provided that in the event the closing price of the Company's Shares is equal to or greater than $0.60 per share for 20 consecutive trading days at any time following four months after the date of closing, the Company may, by notice to the Warrant holders (which notice may be by way of general news release), reduce the remaining exercise period of the Warrants to not less than 30 days following the date of such notice.
As disclosed in its November 3rd, 2020 press release, proceeds from the Financing will be allocated primarily towards the Company's Mary K Project in Idaho, including bulk sample underground work and ore processing, and payment to property owners.
Aggregate compensation of $1,440 and 4,800 finders' warrants (having the same general terms as the Warrants forming part of the Units) was paid by the Company to Canaccord Genuity Corp. as finders' fees for the portion of the Financing attributable to their efforts.
All securities issued in connection with the Financing are subject to a hold period of four months and one day in accordance with the rules and policies of the Canadian securities Exchange and applicable Canadian securities laws. The Company has 94,618,997 common shares issued and outstanding following the closing of Tranche 1 of the Financing.
Bond Resources expects to complete and close Tranche 2 in early January 2021.
ON BEHALF OF THE BOARD
Signed "Joseph Carrabba"
Joseph Carrabba, CEO and President
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact: Joseph Carrabba
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
This news release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the Financing; future work to be carried on the Property; use of funds; and the business and operations of Bond after the Financing. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There is no assurance any of the forward-looking statements will be completed as described herein, or at all. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; operating and technical difficulties in connection with mineral exploration and development activities, lack of investor interest in the Financing; requirements for additional capital; future prices of gold and precious metals; changes in general economic conditions; accidents, delays or the failure to receive board, shareholder or regulatory approvals, including the required permits; results of current exploration and testing; changes in laws, regulations and policies affecting mining operations; and title disputes. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Bond Resources disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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