logo-loader

Gungnir Resources receives C$1M strategic investment from Altius Minerals

Published: 10:48 18 Mar 2022 EDT

Gungnir Resources
The investment consists of a C$750,000 equity purchase plus C$250,000 for a royalty option on its projects in Sweden

Gungnir Resources Inc. (TSX-V:GUG, OTC:ASWRF) has announced an agreement under which Altius Minerals Corporation (TSX:ALS) will acquire 6,250,000 Gungnir units, at a price of $0.12 per unit, for total gross proceeds of C$750,000. 

Each unit of the equity offering will consist of one Gungnir common share plus one common share purchase warrant, with each warrant entitling the holder to acquire one company common share at a price of $0.18 per share for a period of 24 months from the closing.

Altius' investment forms part of a larger non-brokered private placement to raise gross proceeds of up to C$1.4 million through the issuance of up to 11,666,667 company units.

Gungnir said net proceeds of the offering will be used to continue the exploration program, inclusive of drilling, at its 100% owned projects in Sweden, concentrating on the company's nickel resources, as well as for general corporate purposes.

READ: Gungnir Resources outlines its 2022 plans in Sweden with nickel as a key driver, gives exploration highlights from 2021

All securities issued under the offering are subject to a hold period expiring four months and one day from the closing date.

Altius has also agreed to pay Gungnir C$250,000 for a royalty option with respect to licences at the company's Lappvattnet, Rormyrberget, and Knaften projects.

Under the option agreement, Altius may exercise its Lappvattnet and Rormyrberget option by paying Gungnir C$8 million, at which time the company and Altius will enter into a royalty agreement for a 2.0% gross sales royalty in perpetuity, and Altius may exercise its Knaften option by paying the Gungnir C$2 million, at which time the company and Altius will enter into a royalty agreement for a 1.0% gross sales royalty in perpetuity.

Gungnir Resources is a Canadian-based TSX-V listed mineral exploration company with gold and base metal projects in northern Sweden. Its assets include two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, both with updated nickel resources, and the Knaften project which hosts a developing intrusion-hosted gold system, and VMS (zinc-copper) and copper-nickel targets, all of which are open for expansion and further discovery.

Contact Sean at sean@proactiveinvestors.com

Novo Resources sees substantial upside potential at Nunyerry

Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) co-chair and acting CEO Mike Spreadborough joins Jonathan Jackson in the Proactive studio to discuss promising gold outcomes from recent reanalysis of drill intercepts in a 2023 program at Nunyerry North in Western Australia. Using advanced...

8 hours, 19 minutes ago