Blue Lagoon announces $5.5 million financing led by strategic investment from Crescat Capital for $1.5 million
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VANCOUVER, BC / ACCESSWIRE / July 8, 2021 / Blue Lagoon Resources Inc. (the “Company“) (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to announce flow-through and non-flow-through funding without an intermediary. Crescat Capital LLC (“Crescat”) agreed to lead by making a strategic investment of $1.5 million, more than 27% of the proposed funding of $5.5 million. In addition, Crescat requested and obtained participation rights which provide an option to participate in future financings.
“Crescat is taking an activist approach to investing in the precious metals industry today,” said Kevin Smith, Founder and Chief Investment Officer of Crescat. “Our goal at this stage of the cycle is to identify and invest in a portfolio of potentially large, high-grade discoveries in the hands of undervalued juniors where we can help unlock value. We are excited about the potential of Blue Lagoon’s Dome Mountain property.”
Quinton Hennigh, Technical Advisor to Crescat Capital, said: “Blue Lagoon’s Dome Mountain project exhibits characteristics of a certain type of intermediate sulphidation system called a carbonate-based gold-metal deposit. Examples of such deposits around the world include Kelian in Indonesia, Buritica in Colombia and Highland Valley in Papua New Guinea. Although Dome Mountain has not been the subject of any modern exploration, the property hosts a number of high grade gold veins, in fairly close locations such as the Freegold target. Blue Lagoon has already encountered several high grade gold. high grade in some of their first drill holes on the project. Crescat is very pleased to help fund a very aggressive drilling program at Dome Mountain this year, which could result in the recognition of Dome Mountain as a significant potential, high-grade gold system,” he said. added.
Flow units (“FT units“) will be priced at $0.7425. Each FT unit will consist of one flow-through common share and one-half share purchase warrant. Non-flow-through units (“NFT Units“) will be priced at $0.55. Each NFT Unit will consist of one common share plus one-half share warrant. Each whole warrant may be exercised to purchase one additional common share at $0.75 during a period of twenty-four months FT units are offered on a charitable basis.
The Company may pay finder’s fees in connection with any part of this offering. The private placement is subject to obtaining the required documents from the Canadian Securities Exchange. All shares issued pursuant to this offering and all shares issued pursuant to the exercise of warrants will be subject to a hold period of four months from the closing date.
About Crescat Capital LLC
Crescat is a global macro asset management firm headquartered in Denver, Colorado. Crescat’s mission is to grow and protect long-term wealth by deploying tactical investment themes based on proprietary value-driven equity and macro models. Crescat’s objective is to deliver industry-leading absolute and risk-adjusted returns over full business cycles with low correlation to common benchmarks. Crescat’s investment process involves a combination of asset classes and strategies to meet each client’s unique needs and objectives and includes Global Macro, Long/Short, Large Cap and Precious Metals funds.
Crescat is advised by its technical consultant, Dr. Quinton Hennigh, on investments in gold and silver resource companies. Mr. Hennigh became an economic geologist after earning his doctorate in geology/geochemistry from the Colorado School of Mines. He has over 30 years of exploration experience with major gold mining companies including Homestake Mining, Newcrest Mining and Newmont Mining. Recently, Dr. Hennigh founded Novo Resources Corp (NVO) and served as its Chairman. Notable project interests include First Mining Gold’s Springpole gold deposit in Ontario, Kirkland Lake Gold’s acquisition of the Fosterville gold mine in Australia, the Rattlesnake Hills gold deposit in Wyoming and Lion One’s Tuvatu gold project in Fiji, among others.
For more information, please contact:
President and CEO Phone: 604-218-4766
Email: [email protected]
The CSE has not reviewed and accepts no responsibility for the adequacy or accuracy of this release.
The securities referenced in this press release have not been and will not be registered under the US Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements.
This press release includes certain statements that may be considered “forward-looking statements”. All statements contained in this release, other than statements of historical fact, that address events or developments that Blue Lagoon Resources Inc. (the “Company”) expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”. , “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “could”, “might” or “should” occur. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include results of exploration activities which may not show the quality and quantity necessary to continue exploring for and exploiting mineral deposits. , market prices, the continued availability of capital and financing, clearance and other approvals, and general economic, market or business conditions. Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management as of the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.
THE SOURCE: Blue Lagoon Resources Inc.
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