88 Capital and Golden Ridge Resources Expand Offering and 2017 Exploration Program
28.08.2017 | FSCwire
Vancouver - 88 Capital Corp. (TSX.V: EEC) (the “Company” or “88 Capital”) is pleased to announce that it has expanded its brokered private placement (the "Offering") as previously announced on March 1, 2017. Pursuant to the Offering, the Company now intends to raise gross proceeds of up to $5.25 million through the issuance of: (a) 32,000,000 units (the “Units” or individually a “Unit”), at a price of $0.125 per Unit for total gross proceeds of up to $4,000,000; and (b) 8,333,333 flow-through shares (“FT Shares”), at a price of $0.15 per FT Share for total gross proceeds of up to $1,250,000.Each Unit will consist of one common share and one-half of one common share purchase warrant (“Warrant”), with each Warrant being exercisable to acquire one common share of the company at a price of $0.25 for a period of 36 months following the closing date of the Offering.
The Offering is being closed in conjunction with the reverse takeover transaction announced by the Company on January 31, 2017; whereby, the Company shall acquire 100% of the issued and outstanding securities of Golden Ridge Resources Ltd. (“Golden Ridge”) by means of reverse takeover in exchange for common shares of the Corporation on a one-for-one basis. The Company anticipates the Offering to close on Thursday, August 31st.
In connection with the expanded Offering, the Company will increase the size of it’s planned 2017 exploration program to drill test additional targets on it’s Hank gold-silver-copper project. The drill program will approximately double in size up to 9,000m, weather and time permitting.
About Golden Ridge
88 Capital Corp. entered into an agreement effective Jan. 25, 2017, with Golden Ridge to acquire 100 per cent of the issued and outstanding securities of Golden Ridge by means of reverse takeover in exchange for common shares of 88 Capital on a one-for-one basis. The Company shall continue to be a Tier 2 mining issuer upon completion of the transaction. The completion of the acquisition is subject to the approval of the TSX Venture Exchange (the “Exchange”).
Golden Ridge is a private British Columbia company, which holds an option to earn a 100-per-cent interest in the 1,700-hectare Hank gold-silver-copper property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, B.C. Golden Ridge may earn a 100-per-cent interest by performing $1.7-million of exploration work by the end of 2018; this is subject to a certain back-in provision if a deposit equals or exceeds three million ounces of gold in the mineral resource category. The completion of the acquisition is subject to the approval of the Exchange.
For further information regarding this news release contact:
Anthony Jackson, CFO
Tel: (604) 630-3838 or by email at ajackson@bridgemark.com or
Song Lee, Associate
First Republic Capital Corp.
Tel: (416) 957-6300 or by email at song@firstrepubliccapital.com
On behalf of the Board of Directors
88 CAPITAL CORP.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.