VANCOUVER, BC / ACCESSWIRE / July 5, 2021 / Blue Moon Metals Inc. (TSXV: MOON)(OTCQB:BMOOF) (the "Company") announces it has closed a $1,127,446 non-brokered private placement and is now funded for its upcoming drill program on its 100% owned Blue Moon polymetallic VMS project in the United States. The financing is at a price of $0.06 per unit (the "Unit") with each Unit consisting of one common share and one common share purchase warrant (a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one common share at a price of $0.12 per share for a period of 36 months subject to an acceleration right if the common shares trade at $0.25 or higher for 10 consecutive days.
"Blue Moon is pleased to have secured the funding for our upcoming drill program that should include resource expansion and high-impact step-out opportunities. We are planning a summer drill program and will update our shareholders shortly on timing and objectives of the 2021 drilling campaign." Commented Patrick McGrath, CEO of Blue Moon.
The common shares forming part of the Units and any shares issued upon the exercise of the Warrants are subject to a hold period that expires on October 31, 2021. The Company paid finder's fees totaling $50,832 and issued 847,200 finder's warrants under the private placement. Each finder's warrant is exercisable to acquire one common share at $0.12 per share until June 30, 2024.
About Blue Moon Metals
Blue Moon Metals (TSX.V:MOON)(OTCQB:BMOOF) is currently advancing its Blue Moon polymetallic deposit which contains zinc, gold, silver and copper. The property is well located with existing local infrastructures including paved highways three miles from site; a hydroelectric power generation facility a few miles from site, three hour drive to the Oakland port and a four hour drive to service centre of Reno. The deposit is open at depth and along strike. The Blue Moon 43-101 Mineral Resource includes 7.8 million inferred tons at 8.07% zinc equivalent (4.95% zinc, 0.04 oz/t gold, 0.46% copper, 1.33 oz/t silver), containing 771 million pounds of zinc, 300,000 ounces of gold, 71 million pounds of copper, and 10 million ounces of silver. The 43-101 Mineral Resource report dated November 14, 2018 was authored by Gary Giroux, P. Eng., and Lawrence O'Connor, a QP, and entitled "Resource Estimate for the Blue Moon Massive Sulphide Occurrence". The 43-101 and related press release with details on the resource are available on the company's website and were filed on www.sedar.com on November 20, 2018. The Company also holds 100% of the Yava polymetallic project in Nunavut that is in the same volcanic lithologies and south of Glencore's Hackett River deposit. More information is available on the company's web site (www.bluemoonmetals.com).
Qualified Persons
John McClintock, P. Eng, a Director of the Company, is a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this press release.
For more information, please contact:
Patrick McGrath, CEO
1-832-499-6009
[email protected]
Investor Contact:
Kevin Shum
Investor Relations
+1-647-725-3888 ext 702
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Resource estimates included in this news release are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions set forth in the relevant technical report and otherwise, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for commodities, the results of future exploration, uncertainties related to the ability to obtain necessary permits, licenses and titles, changes in government policies regarding mining, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
The securities referenced in this news release have not and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
SOURCE: Blue Moon Metals Inc.