Blue Lagoon Resources (CSE: BLLG) appears to now be fully cashed up. The firm this morning announced that it closed a non-brokered private placement, which was lead by strategic investors Crescat Capital.
“With this new capital raise, an existing healthy treasury, no debt, and over $4 million in-the-money warrants, the Company is well funded and well situated to execute on its exploration plans in 2022,” commented CEO Rana Vig on the closing of the financing.
The financing saw the company raise gross proceeds of $5.7 million via a flow through financing, which Crescat is said to have taken more than 18% of itself. In total, 7.4 million flow through units at $0.78 per unit were sold.
Each flow through unit contained one common share and one half of a purchase warrant, with each warrant convertible at a price of $0.78 or $0.90 per share until April 15, 2024. Proceeds from the sale are to be used for exploration purposes.
Commenting on their involvement in the financing Crescat Capital’s strategic technical advisor, Quinton Hennigh, commented, “looking at dozens upon dozens of companies every month, we believe we identified the opportunity in Blue Lagoon early and are pleased to add to our investment in the company and are excited about the recent drilling results released by Blue Lagoon and continue to believe in the significant potential of the Dome Mountain project.”
Blue Lagoon Resources last traded at $0.63 on the CSE.
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