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| | November 12, 2009
MGI BROKERED PRIVATE PLACEMENT Final Closings
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| | Bralorne Gold Mines Ltd. (the "Company") announces that it has closed the final tranche of the brokered private placement with MGI Securities Inc. of Toronto, Ontario ( "MGI") first announced on July 13, 2009 and the final tranche of a concurrent non-brokered private placement for aggregate gross proceeds of $1,425,690.
The final closing, dated November 9, 2009 (the "Final Closing"), of securities placed by MGI consisted of 44,600 Units at a price of $0.90 per Unit and 170,000 Flow-Through Units at a price of $0.95 per Flow-Through Unit, for total gross proceeds of $201,640. The Final Closing of the non-brokered private placement consisted of 1,131,000 Units and 217,000 Flow-Through Units, for total aggregate gross proceeds of $1,224,050.
The Units consist of one common share and one non-transferable share purchase warrant (a "Warrant"). The Flow-Through Units consist of one flow through share and one Warrant. The flow through shares will entitle the investor to the income tax benefits of the qualifying Canadian exploration expenses incurred by the Company, which will be "flowed-through" to the investor in accordance with Canadian income tax laws.
Each Warrant comprised within the Units and Flow-Through Units entitles the investor to purchase one additional common share at an exercise price of $1.25 per share for a period of 24 months from the date of issue, provided that if the Company's common shares close at $2.00 per share over 20 consecutive trading days, then the Company will have the right to require conversion of the Warrants.
The securities issued under the Final Closing of this private placement are subject to a four month and one day hold period, expiring on March 10, 2010.
The Company has paid a cash commission of 8% of proceeds from the funds raised by MGI and its sub-agents and non-transferable compensation options have been granted to MGI and its sub-agents, exercisable to purchase Units equal to 10% of the aggregate number of Units and Flow-Through Units sold by MGI and its sub-agents for a total of 21,460 Units. Each compensation options will entitle MGI (or any member of the selling group, who is assigned the right to receive a portion of the Compensation Option) to purchase one Unit at an exercise price of $0.90 per Unit for a period of 24 months from the date of issuance, such Agent's Compensation Options expiring on November 9, 2011.
The total gross proceeds raised, including the previous two closings, amounted to $5,335,928.70 and a total of 1,215,462 Flow Through Units and 4,645,822 Units have been issued.
The net proceeds of the offerings will be used for additional exploration and development work on the Company's mining properties and for general working capital requirements.
The Company is a Canadian junior mining and exploration company, whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties. The Company's current project is a 100% interest in the Bralorne Gold Mine, BC.
For more information visit: www.bralorne.com. or, please contact:
Bill Kocken, Chief Executive Officer & President
Johnathon Smith, IRO
ON BEHALF OF THE BOARD
"William Kocken"
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William Kocken,
Chief Executive Officer & President |
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| | You can view the Next News Releases item: Tue Nov 17, 2009, BRALORNE RECEIVES ASSAY RESULTS ON DRILLING THE UPPER BK ZONE BETWEEN THE 800 & 575 LEVELS
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