Thundermin Completes $625,000 Non-Brokered Private Placement
January 08 2014 - 8:00AM
Marketwired
Thundermin Completes $625,000 Non-Brokered Private Placement
TORONTO, ONTARIO--(Marketwired - Jan 8, 2014) - Thundermin
Resources Inc. ("Thundermin") (TSX-VENTURE:THR) announces that it
has completed its previously announced non-brokered private
placement financing for aggregate gross proceeds of $625,000 (the
"Offering"). On closing, Thundermin issued 11,800,000 flow-through
units (the "FT Units") at a price of $0.05 per FT Unit ($590,000)
and 700,000 non-flow-through units (the "Normal Units") at a price
of $0.05 per Normal Unit ($35,000) to accredited investors.
Each FT Unit
consists of one flow-through common share and one half of one
non-transferrable common share purchase warrant (each, a "FT
Warrant"). Each Normal Unit consists of one common share and one
non-transferable common share purchase warrant (each, a "Normal
Warrant" and together with the FT Warrants, the "Warrants"). Each
whole FT Warrant will entitle the holder to purchase an additional
common share of Thundermin at a price of $0.07 per share for a
period of 18 months from the date of closing of the Offering. Each
Normal Warrant will entitle the holder to purchase an additional
common share of Thundermin for a period of 24 months from the date
of closing of the Offering. The Warrants will be subject to an
early call provision. In the event that Thundermin's shares trade
at a weighted average price of $0.14 per share or more for a period
of at least 20 consecutive trading days, Thundermin will have the
right, upon giving notice in writing to the Warrant holders, to
accelerate the expiry date of the Warrants to the date that is 30
days from the date that notice was provided. All securities issued
pursuant to the Offering are subject to a four month hold period in
accordance with applicable securities laws.
In connection with
the Offering, Thundermin paid finder's fees of $35,700 to certain
eligible arm's length finders.
The proceeds of the
Offering will be used to fund work on Thundermin's exploration
projects in Canada that qualify as "Canadian exploration expenses"
under the Income Tax Act (Canada) and for general working capital
purposes. In particular, the funds will be used to fund
Thundermin's share of an approximately 3,800 metre diamond drilling
program, along with 50% joint venture partner Rambler Metals and
Mining Canada Limited ("Rambler"), on the Little Deer copper
project located approximately 10 km north of Springdale in
north-central Newfoundland.
An aggregate of
1,000,000 FT Units were acquired by an insider of Thundermin (the
"Insider Subscription"). Pursuant to Multilateral Instrument 61-101
- Protection of Minority Security Holders in Special
Transactions ("MI 61-101"), the Insider Subscription is a
"related party transaction". Thundermin is exempt from the formal
valuation requirement of MI 61-101 in connection with the Insider
Subscription in reliance on section 5.5(b) of MI 61-101 as no
securities of the Company are listed or quoted for trading on the
Toronto Stock Exchange, the New York Stock Exchange, the American
Stock Exchange, the NASDAQ stock market or any other stock exchange
outside of Canada and the United States. Additionally, Thundermin
is exempt from obtaining minority shareholder approval in
connection with the Insider Subscription in reliance on section
5.7(1)(a) of MI 61-101 as the value of the Insider Subscription
will not exceed 25% of Thundermin's market capitalization prior to
the closing of the Offering.
About Thundermin
Thundermin is a
Canadian-based mineral exploration company focused on the
exploration for and the discovery of economically viable base metal
and gold deposits in Canada. Thundermin has an interest in, or the
right to earn an interest in, 12 base metal and gold properties in
Canada. The most significant of these is the Little Deer copper
property in the Springdale area of Newfoundland that hosts the
Little Deer and Whalesback copper deposits. Thundermin and 50%
joint venture partner Rambler have outlined Indicated Resources of
1,911,000 tonnes grading 2.37% copper and Inferred Resources of
3,748,000 tonnes grading 2.13% copper at Little Deer and Indicated
Resources of 797,000 tonnes grading 1.67% copper and Inferred
Resources of 443,000 tonnes grading 1.57% copper at Whalesback. A
positive Preliminary Economic Assessment undertaken by P&E
Mining Consultants Inc. was announced for Little Deer, on a
stand-alone basis, in November 2011. Thundermin owns a 100%
interest in the Lebel Township gold property, which is located on
the Kirkland Lake Main Break in the prolific Kirkland Lake gold
camp. Thundermin has royalty interests in 12 base metal and gold
properties located in Manitoba, Saskatchewan, British Columbia and
Quebec, the most significant being a 2.5% net smelter return
royalty in the Pelletier Lake gold deposit which is under option to
QMX Gold Corporation. The Pelletier Lake property is currently in
arbitration with Thundermin aiming to regain full ownership of the
property. Thundermin also has various shareholdings in twelve other
junior resource companies that are actively exploring for base
metal, gold, chrome and diamond deposits in Canada.
Forward-Looking
Statements
This news release
may contain "Forward-Looking Statements" that involve risks and
uncertainties, such as statements of Thundermin's plans,
objectives, strategies, intentions and expectations. The words
"potential," "anticipate," "forecast," "believe," "estimate,"
"expect," "may," "project," "plan," and similar expressions are
intended to be among the statements that identify "Forward-Looking
Statements". Although Thundermin believes that its expectations
reflected in these "Forward-Looking Statements" are reasonable,
such statements may involve unknown risks, uncertainties and other
factors disclosed in our regulatory filings that can be viewed on
the SEDAR website at www.sedar.com. For us, uncertainties arise
from the behavior of financial and metals markets and from numerous
other matters of national, regional, and global scale, including
those of an environmental, climatic, natural, political, economic,
business, competitive, or regulatory nature. These uncertainties
may cause our actual future results to be materially different than
those expressed in our "Forward-Looking Statements". Although
Thundermin believes the facts and information contained in this
news release to be as correct and current as possible, Thundermin
does not warrant or make any representation as to the accuracy,
validity or completeness of any facts or information contained
herein and these statements should not be relied upon as
representing its views subsequent to the date of this news
release.
For further
information on Thundermin Resources Inc. please visit Thundermin's
website at www.thundermin.com or the SEDAR website at
www.sedar.com.
Neither the
Toronto Venture Exchange, nor its regulation services provider (as
that term is defined in the policies of the exchange), accepts
responsibility for the adequacy or accuracy of this
release.
Thundermin Resources Inc.John B. HeslopPresident & CEO(647)
344-1167Thundermin Resources Inc.James W. GillChairman(416)
450-1851info@thundermin.comwww.thundermin.com
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