Britannica Resources Corp. (TSX-V: BRR) has retained the services of MGI Securities Inc. to arrange a brokered private placement offering consisting of flow-through (FT) common shares and units of the company.
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The private placement of FT shares will consist of an offering of up to 5 million FT shares of the company for $0.12 per FT share resulting in total gross proceeds of up to $600,000.
Each FT share will contain 1 common share of the company which qualifies as a FT share for tax reasons of the Income Tax Act. The company plans to use their proceeds from the financing for exploration projects on their
The private placement of units will include an offering of up to 7 million units priced at $0.09 per unit resulting in gross proceeds of up to $630,000. Each unit will contain 1 common share in the company and 1 common share purchase warrant.
Each warrant enables the holder to purchase 1 common share for a 2 year period following the close of the offering at a price of $0.15 per common share. Net proceeds from the units will be used for exploration on their
Britannica's principal project, the McKenzie Break Gold Project, (a joint-venture with Northern Star Mining Corp. BRR 40% NSM 60%) is an advanced gold project with extensive exploration and development already completed by a major mining Company (Placer Dome).
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