Bam Bam Resources Closes Oversubscribed $1.4 Million Private Placement
NEWS RELEASE
BAM BAM RESOURCES CLOSES OVERSUBSCRIBED $1.4 MILLION PRIVATE PLACEMENT
VANCOUVER—February 25, 2020— Bam Bam Resources Corp. (CSE: BBR / OTC: NPEZF / FSE: 4NPA) (“Bam Bam” or the “Company”) is pleased to announce it has closed an oversubscribed non-brokered private placement financing for total gross proceeds of $1,403,700 (the “Private Placement”).
The Company has allotted and issued 28,074,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit is comprised of one common share and one warrant (“Warrant”). Each Warrant will entitle the holder to purchase one additional common share for a period of eighteen (18) months at a price of $0.08 per share, subject to accelerated expiry.
In the event that, after four months and one day from closing, the closing price of the Company’s common shares is at or above $0.20 per share for 10 consecutive days, the Company may provide notice (the “Acceleration Notice”) to the holders of the Warrants that the expiry date of the Warrants has been accelerated and that Warrants not exercised within 30 days of the date of the Acceleration Notice will expire 30 days from the date of the Acceleration Notice.
In relation to the Private Placement, the Company has paid finder’s fees totaling $13,000 and issued an aggregate 260,000 finder’s warrants to arm’s-length parties, of which 232,000 are exercisable into Units at price of $0.05 per unit and 28,000 are exercisable into common shares at a price of $0.08 per share, all valid for a period of up to eighteen (18) months.
The Company will use the proceeds from the Private Placement towards general working capital. All securities issued are subject to a four-month-and-one-day hold period expiring on June 26, 2020.
About Bam Bam Resources Corp.
Bam Bam Resources Corp. (CSE: BBR / OTC: NPEZF / FSE: 4NPA) is engaged in the identification, review and acquisition of latter stage copper and copper/gold assets. Management has been mandated to focus on safe, mining friendly jurisdictions and government regulations supportive of mining operations.
On Behalf of the Board of Bam Bam Resources Corp.
“David Greenway”
President & CEO
Corporate Office 310-221 West Esplanade North Vancouver, BC V7M 3J3
For further information, please contact:
E: [email protected] P: (604) 318-0114
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties, which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.