TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Dec. 7, 2022
/CNW/ - Garibaldi Resources (TSXV: GGI) (the "Company"
or "Garibaldi") is pleased to announce the closing of
the first tranche of flow-through units of the non-brokered private
placement financing (the "Financing") announced on
November 29, 2022.
The Company sold an aggregate 8,836,666 flow-through units
(each, a "Unit") at $0.30 per
Unit for aggregate gross proceeds of $2,651,000. Each Unit was comprised of one
flow-through common share and one-half of one common share purchase
warrant. Each whole warrant is exercisable at $0.45 per common share for a period of three
years. The first tranche of Units includes an aggregate of 800,000
non-flow-through units at $0.25 per
unit for aggregate proceeds of $200,000. Each Unit is comprised of one
non-flow-through common share and one-half of one common share
purchase warrant. Each whole warrant is exercisable at $0.40 per common share for a period of three
years.
The proceeds from the flow-through financing will be used to
explore Garibaldi's base metal prospects under the new Federal
Government (CMETC) initiative announced in the most recent federal
budget. Follow-up drilling will test for mineralization associated
with broad ZTEM Low-resistivity anomalies identified by the
property wide Geotech ZTEM survey. Drilling in 2022 intersected
sulphide nickel-copper mineralization (assays pending) coincident
with newly identified ZTEM anomalies (see news release Sept.22,
2022). These broad geophysical targets track the Nickel Mountain
Gabbroic Complex base metal corridor along strike of the 15 km long
NMGC, within the Eskay district of the Golden Triangle in
Northwest British Columbia. All
proceeds from non-flow-through Units will be used for working
capital purposes.
The Company paid cash finder's fees of $171,060 and issued 578,200 share purchase
warrants (the "Finder's Warrants") to finders led by
GloRes Securities Inc. in connection with certain subscriptions in
the Financing. The Finder's Warrants are exercisable at
$0.45 per common share for a period
of three years.
All securities issued in connection with the Financing are
subject to a statutory hold period expiring April 6, 2023. None of the securities sold
in connection with the Financing will be registered under the
United States Securities Act of 1933, as amended, and no such
securities may be offered or sold in the
United States absent registration or an applicable exemption
from the registration requirements. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior
exploration company focused on creating shareholder value through
discoveries and strategic development of its assets in some of the
most prolific mining regions in British
Columbia and Mexico.
GARIBALDI RESOURCES CORP.
Per: "Steve Regoci"
Steve Regoci, President
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or the accuracy of
this release
SOURCE Garibaldi Resources Corp.