Giant Mining (CSE:BFG) has successfully completed a C$3 million non-brokered private placement, according to a statement released Friday. The company issued over 15 million special warrants at a price of $0.20 each. Giant Mining is focused on identifying, acquiring, and developing mineral resource projects. The company aims to become a leading supplier of critical materials through sustainable mining practices.
The proceeds from this placement are intended to bolster the company’s exploration activities and for general working capital purposes. The deal remains subject to customary conditions, including the necessary approval from the Canadian Securities Exchange. The special warrants will automatically convert into units, each comprising one common share and one share purchase warrant. This conversion will occur either upon the filing of a prospectus supplement or four months and one day after the closing date.
The warrants enable holders to purchase additional shares at a price of C$0.32 per share for a period of up to four years. To manage potential ownership concentration, a 10 percent blocker provision has been implemented. This restricts warrant exercises that would result in any holder owning 10 percent or more of the company’s outstanding shares. Giant Mining retains the option to accelerate the expiry of the warrants, triggering a 30-day exercise window for holders, should the stock trade at or above C$0.80 for five consecutive trading days.
In connection with the offering, Giant Mining paid C$102,080 in finders’ fees and issued 510,400 broker warrants. Each broker warrant is exercisable at C$0.32 per share over a four-year term. The securities issued are subject to a statutory hold period of four months plus one day, as mandated by Canadian law.
