Thunderstruck Resources Ltd. (TSXV:AWE) (OTC:THURF) has arranged a private placement of up to $100,000.
The non-brokered private placement involves the sale of up to 1,666,667 units at a price of six cents per unit for aggregate gross proceeds of $100,000. Each unit will comprise one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase a further common share at a price of 15 cents per share for a period of 36 months. The warrants will be subject to accelerated exercise provisions such that if the closing price of the company’s common shares exceeds 25 cents per share for a period of 20 consecutive trading days, the company may give notice of the acceleration of the warrants’ term to a period of 30 days following such notice.
Proceeds of the placement will be applied to exploration programs for the company’s properties in Fiji and general working capital. The placement is subject to regulatory approval, including the approval of the TSX Venture Exchange.
The company is in the process of analyzing the initial induced polarization (IP) geophysical survey data generated from its Rama Creek copper-gold porphyry prospect. A total of approximately four line kilometres of the planned seven line kilometres of pole-dipole IP resistivity surveys have been completed at Rama Creek. When crews complete the Rama Creek program, they will move the field camp to Thunderstruck’s gold asset, Liwa Creek, where a further four-line-kilometre of IP/resistivity surveys are planned. The company will provide an update once the surveys are complete and geophysical inversion products and an interpretation of the results are complete.
Bryce Bradley, Thunderstruck’s president and chief executive officer, stated: “Geophysical surveys are useful in that they can delineate mineralization far beneath the surface in a cost-effective manner. Additionally, there is no heavy equipment required, allowing access to the land during the wet season. This allows us to continue our work programs while we advance JV discussions on other assets.”
Please join the company at the Prospectors and Developers Association of Canada convention (PDAC) from March 3 to March 6, 2019, at booth No. 3220, to be held at the Metro Toronto Convention Centre.
About Thunderstruck Resources Ltd.
Thunderstruck Resources is a Canadian mineral exploration company that has assembled extensive and highly prospective properties in Fiji on which recent and previous exploration has confirmed volcanogenic massive sulphide, copper and precious metal mineralization. The company provides investors with exposure to a diverse portfolio of exploration-stage projects with potential for zinc, copper, gold and silver in a politically safe and stable jurisdiction.