Golden Birch Announces Close of First Tranche of Private Placement
On May 14, 2020 Golden Birch Resources Inc. (“Golden Birch” or the “Company”) announced that it had closed the first tranche (“First Tranche”) of the previously announced offering, composed of the sale of units (“Units”) of the Company at a price of C$0.15 per Unit (the “Offering”). Each Unit shall consist of one common share in the capital of the Company (“Share”) and one Share purchase warrant (“Warrant”). Each whole Warrant shall entitle the holder to purchase one additional Share at an exercise price of C$0.20 per Share, for a period of five (5) years from the date of issuance. The First Tranche consisted of the sale of 7,500,000 Units for aggregate gross proceeds of C$1,125,000.
The Company intends to use the proceeds from this private placement for exploration on the Keveri Project, specifically, the drilling of two discovery targets at Omu and Waki, which management believes has certain characteristics of tier-1 copper-gold porphyry deposits, and for working capital, corporate overhead and general and administrative purposes.
Golden Birch Resources Inc. is a mineral exploration company focused on acquiring, exploring, and developing quality mineral properties in Papua New Guinea. Core values for the Company are respect for the Community, the Landowners, the environment and operating a safe workplace for its employees. The Company is also committed to best practise standards of Corporate Governance.
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