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The non-brokered private placement involves the sale of up to 1,666,667 units at a price of $0.06 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 $0.15 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 $0.25 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 Fiji properties and general working capital. The placement is subject to regulatory approval, including the approval of the TSX Venture Exchange.
Geophysical Program
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 4 line-km of the planned 7 line-km of pole-dipole induced polarization (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 4 line-km 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/CEO, 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 us at the Prospectors and Developers Association of Canada Convention (PDAC) March 3 - 6, 2019 in Booth #3220 to be held at the Metro Toronto Convention Centre.
About Thunderstruck Resources
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 VMS, copper and precious metals 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. Thunderstruck trades on the Toronto Venture Exchange (TSX-V) under the symbol "AWE" and United States OTCQB under the symbol “THURF”.
For additional information, please contact:
Rob Christl, Investor Relations
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
P: 778 840-7180
or, visit our website: http://www.thunderstruck.ca
Neither the TSX Venture Exchange Inc. nor its Regulation Services 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 news release contains certain statements that may be deemed “forward-looking statements”. Although Thunderstruck believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Thunderstruck’s management on the date the statements are made. Except as required by law, Thunderstruck undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.