Big Red Mining raises $136,000 for exploration near Sault Ste Marie
Big Red Mining is pleased to announce the closing of its Non-Brokered Private Placement announced June 17, 2024. The Private Placement consisted of the issuance of 6,815,000 units of the Company ("Units") at a price of C$0.02 per Unit for gross proceeds of $136,300 to the Company. Each Unit consisted of one common share in the capital of the Company (each, a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of C$0.05 for a period of 12 months from the issuance thereof. The Company issued 6,815,000 Common shares and 3,407,500 Warrants expiring June 26, 2025. All securities issued pursuant to the Private Placement are subject to a statutory hold period in accordance with the applicable Canadian securities laws, expiring on October 26, 2024.
The Company Paid a cash Finders fee of $4,790 to Research Capital Corporation and $675 to Ventum Financial Corp.
The net proceeds received from the Offering will be used by the Company for exploration and development activities.
About Big Red Mining Corp.
Big Red holds an option to acquire a 100% interest in the Dobie Lake Copper Project (the "Property") in Ontario, Canada. The Property is Located approximately 100 km from Sault Ste Marie, Ontario. The Property surrounds and covers Extensions of the Past producing Jentina Mine. The Property comprises 131 claims totaling 6,500 Acres (26 Square kilometers). Big Red's management team possess extensive experience in financing, exploration, development and mining. Big Red's mission is to conduct future drilling campaigns on the Dobie Lake copper property to maximize its minable resource potential.
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