- Bam Bam Resources (BBR) has launched a C$2 million financing to support ongoing exploration work at its Majuba Hill property in Nevada, USA
- The company intends to issue up to 4 million units at a price of $0.50 each, comprised of one common share and one share purchase warrant
- Each warrant will be exercisable at a price of $0.80 for a period of 36 months from the date of issuance
- Falcon Drilling was recently contracted to carry out a 1,372-metre, three-hole Phase 2 drill program at the Majuba Hill property
- Bam Bam Resources (BBR) is currently down 4.65 per cent to $0.82 per share at 1:07pm EST
Bam Bam Resources (BBR) has launched a C$2 million financing to support work at its Majuba Hill property in Nevada, USA.
Under the terms of the offering, the Vancouver-based company intends to issue 4 million units at a price of $0.40 each. These units are comprised of one common share in Bam Bam Resources and one transferrable share purchase warrant.
Each of these warrants will entitle the holder to acquire an additional share in the company at a price of $0.80, exercisable over a period of 36 months from the date of issuance.
However, in the event that the company’s shares trade at or above a price of $1.50 on the Canadian Securities Exchange for 10 consecutive trading days, the expiry date of the warrants may be brought forward.
Bam Bam Resources noted that certain finder’s fees may be payable in connection with the offering, and that all of the securities issued will be subject to a mandatory holding period of four months and one day.
On October 7, 2020, the company announced that it had contracted Falcon Drilling to carry out a 1,372-metre, three-hole Phase 2 drill program at the 4,822-acre Majuba Hill property, which is located 113 kilometres southwest of Winnemucca and 251 kilometres northeast of Reno.
Each hole will be completed to a depth of roughly 457 metres, targeting a sulfide copper zone below the oxide copper zone drilled in previous holes.
“These Phase 2 core holes will help us outline the large scale mine potential that we see at Majuba,” said David Greenway, President and CEO of Bam Bam Resources.
“The ongoing exploration program and drill results continue to provide exciting results which we expect to lead to a significant, new porphyry copper deposit,” he added.
Bam Bam Resources (BBR) is currently down 4.65 per cent to $0.82 per share at 1:07pm EST.