- Blue Thunder Mining (BLUE) intends to conduct a non-brokered private placement for up to C$1 million in proceeds
- The company will sell units as well as flow-through common shares, to raise the capital
- The proceeds will be used for Canadian exploration expenses, exploration of Blue Thunder’s properties, and general working capital purposes
- The company expects the offering to close on or before December 10, subject to customary closing conditions
- Blue Thunder Mining is up 25 per cent and is currently trading for 10 cents per share
Blue Thunder Mining (BLUE) intends to conduct a non-brokered private placement for up to C$1 million in proceeds.
In order to raise this capital, the company will sell units, as well as flow-through common shares. The units, which will contain one common share and half of a common share purchase warrant, will be sold for ten cents per unit.
One whole warrant will allow the holder to buy one more common share for $0.15, within 24 months of the offering’s closing date.
Blue Thunder will sell the flow-through shares for $0.11 per share. The company may choose to increase the size of the offering, by issuing more units or flow-through shares.
Proceeds from the sale of the flow-through shares will be used to incur Canadian exploration expenses (CEE) on Blue Thunder’s Muus, Muus East, Nisk, Fancamp, and Embry properties. The proceeds from the sale of the units will go towards exploration of those properties, and general working capital purposes.
Blue Thunder’s President and CEO, Robert Cinits, was pleased to announce the company’s plans for a private placement financing.
“The funds raised will be used to build on the 2020 exploration program at our Muus Project, which has included the inaugural drill campaigns on our Muus and Fancamp properties, and shows the great support we have received from investors in our exploration initiatives in the Chibougamau Gold District,” he said.
“We would like to thank our existing shareholders that have participated in the financing announced today, and welcome our new investors to Blue Thunder,” he added.
The company expects the offering to close on or before December 10, subject to customary closing conditions. This will include receiving approval from the TSXV.
Blue Thunder Mining is up 25 per cent and is trading for 10 cents per share, as of 9:36am EST.