Vancouver, BC – December 23, 2016:Black Dragon Gold (TSXV:BDG;FWB:BCD) announces that, further to the announcement of December 7, 2016, it has closed a second tranche of financing. The Company has issued 1,630,000 Units for aggregate gross proceeds of $89,650 of its previously announced private placement (the “Financing”), as described in its press release dated October 26, 2016. Each unit was priced at $0.055 per unit and was comprised of one common share of the Company and a one share purchase warrant entitling the holder to purchase one common share at a price of $0.11 per share for a period of 24 months.
If, during this 24 month period, the volume weighted average price (“VWAP”) of Black Dragon’s common shares is at least $0.22 for a period of 7 consecutive trading days, Black Dragon may, at its option, accelerate the expiry date of the warrants by issuing a news release or giving written notice thereof to all holders of these warrants, and, in such case, these warrants will expire on the earlier of: (i) the 30th day after the date on which the news release or written notice is provided by Black Dragon; and (ii) the original expiry date. The securities issued are subject to a hold period expiring on April 23, 2017. Proceeds from the private placement will be used for general working capital.
The Company will update the market on closing the remaining tranches of the financing and the overall funding package shortly.
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