BLACKROCK GOLD ANNOUNCES APPOINTMENT OF TOM BRUINGTON TO THE BOARD OF DIRECTORS, PRIVATE PLACEMENT AND STOCK OPTIONS
1500 – 409 Granville Street
Vancouver, BC, V6C 1T2
BLACKROCK GOLD ANNOUNCES APPOINTMENT OF
TOM BRUINGTON TO THE BOARD OF DIRECTORS,
PRIVATE PLACEMENT AND STOCK OPTIONS
FOR IMMEDIATE RELEASE TSX-V symbol: BRC
November 21, 2016 – Vancouver, British Columbia. Blackrock Gold Corp. (the “Company”) is pleased to announce the appointment of Mr. Tom Bruington to the Board of Directors of the company.
Based in Vancouver, BC. Mr. Bruington is Executive Vice President of Project Evaluation at Sandstorm Gold, responsible for appraisal and due diligence of Sandstorm’s investments. Prior to joining Sandstorm, Mr. Bruington worked for 12 years at the International Finance Corporation (“IFC”) where he was the Chief Engineer/Industry Specialist for the mining division of the oil, gas, mining and chemicals department. In that role, Mr. Bruington was responsible for business development, technical appraisal, and operational supervision of the IFC’s resource investments, completing more than 100 project appraisals in over 70 countries. Prior to the IFC, Mr. Bruington spent 20 years with a number of resource companies and was involved in mine design, construction and operations at precious metal, base metal, and energy projects in Australia, South Africa, South America and the US. Mr. Bruington is a Registered Professional Engineer and holds a Bachelor of Science in Mining Engineering, a Bachelor of Science in Petroleum Engineering, and a Master of Science in Mineral Economics, all from the Colorado School of Mines.
To accommodate the appointment of Mr. Bruington to the Board, Mr. Amit Kumar, the corporate secretary of BRC, has agreed to step down as a director. Mr. Kumar will continue in his role as corporate secretary. The Company welcomes the continued involvement of Mr. Kumar with BRC.
Furthermore, BRC announces that it has granted 100,000 incentive stock options to Mr. Bruington. The options, which are subject to the terms and conditions of the Company’s stock option plan and the policies of the TSX Venture Exchange, may be exercised at a price of $0.10 per share for a term of 5 years.
Blackrock Gold Corp. (the “Company”) is pleased to announce a non-brokered private placement (the “Private Placement”) of up to 2,000,000 units (the “Units”) at a price of $0.10 per Unit, for gross proceeds of up to $200,000. Each Unit is comprised of one common share and one-half of one share purchase warrant.
Each whole warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.18 per share, for a period of two years from the date the Units are issued.
If during the exercise period of the warrants, but after the resale restrictions on the shares have expired, the Company’s shares trade at or above a weighted average trading price of $0.36 per share for 15 consecutive trading days, the Company may accelerate the expiry time of the warrants by giving written notice to warrant holders that the warrants will expire 30 days from the date of providing such notice.
Assuming the Private Placement is fully subscribed, the Company plans to allocate the gross proceeds of the Private Placement as to: (i) mineral exploration work ($100,000) and (ii) general working capital ($100,000).
A portion of the Private Placement may be completed in accordance with the exemption set out in BC Instrument 45-536 (Exemption from prospectus requirement for certain distributions through an investment dealer) (the “Investment Dealer Exemption”).
The Company may pay finder’s fees on a portion of the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the “Exchange”). If the Private Placement is not fully subscribed, the Company will apply the proceeds to the above uses in priority and in such proportions as the Board of Directors and management of the Company determine is in the best interests of the Company. Although the Company intends to use the proceeds of the Private Placement as described above, the actual allocation of proceeds may vary from the uses set out above, depending upon future operations, events or opportunities.
In accordance with the requirements of the Investment Dealer Exemption, the Company confirms there is no material fact or material change related to the Company which has not been generally disclosed.
The Private Placement is subject to the approval of the Exchange.
The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
For further information, please contact:
David R. Robinson, President & CEO
Blackrock Gold Corp.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements. All statements, other than statements of historical fact, constitute “forward-looking statements” and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company’s strategy, plans or future financial or operating performance and other statements that express management’s expectations or estimates of future performance.
Forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. These statements, however, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include but are not limited to the ability of the Company to attract financing and the general market conditions of the industry in which the Company operates and the other factors discussed in the sections relating to risk factors discussed in the Company’s continuous disclosure filings on SEDAR.
There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.