Proceeds to Drill Greenfield Porphyry Cu-Au-Mo Discovery at Thompson Knolls Project in Utah, USA
Vancouver, BC, October 23, 2020 - BCM Resources Corporation (TSX-V: B), is pleased to announce a Non-Brokered private placement financing for proceeds of up to C$950,000 through the issuance of up to 19,000,000 units (“Units”) priced at C$0.05 per Unit. Each Unit is comprised of one common share of the Company (a “Share”) and one share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one common share of the Company at a price of C$0.10 for two years from the date of issue.
All the securities issuable will be subject to a four-month hold period from the date of issue.
Proceeds from the financing will be mainly used to follow-up the key diamond drill hole TK18-01 that documented a blind, Greenfield Porphyry Cu-Au-Mo discovery on the Company’s Thompson Knolls (TK) project located via highway in West Central Utah, USA. There are at present, 6 drill pad locations that are permitted and that are easily accessed by the road network on the project. Proceeds will also be used for general corporate purposes.
Certain insiders may be participating in the private placement and there may be arranged trades in connection with this proposed transaction, whereby certain insiders may arrange a sale of common shares, and use the proceeds to subscribe for Units in this private placement.
The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of any Insider Participation. The financing is subject to approval by the TSX Venture Exchange. The Company will pay Finder’s Fees of 5% cash and 5% Finder’s warrants.
About Thompson Knolls (TK) – Greenfield Porphyry Cu-Au-Mo discovery in Utah
BCM Resources Corp has the right to earn a 60% interest in the TK project, located in west-central Utah, USA. TK is a greenfield discovery of a blind Porphyry Cu-Au-Mo system. TK is well-situated 210 km southwest of the world-class Bingham Canyon porphyry copper-molybdenum-gold mine of Rio Tinto. One core hole, TK18-1, has been drilled, which intersected a porphyry copper mineralized body of Laramide-age quartz monzonite porphyry (QMP) with locally strong potassic plus quartz-sericite alteration and locally abundant pyrite and lesser oxide copper mineralization. The QMP intruded a premineral body of quartz latite porphyry. This is suggestive of the top of a typical porphyry copper-gold system.
About BCM Resources Corporation
BCM Resources Corporation is a diversified Canadian mineral exploration company now focused on completing Phase 1 discovery drilling of the Thompson Knolls property, its key asset. BCM also controls prospective Copper, Gold, and Molybdenum exploration projects in British Columbia. BCM Resources is managed by experienced and successful board members and advisors. For further information, including area maps, sections, and photos, please visit our web site at www.bcmresources.com or contact us by email at email@example.com.
ON BEHALF OF BCM RESOURCES CORP.
President and Chief Executive Officer
For further information please contact:
Telephone: 1 (604) 355-6659
Caution Concerning Forward-Looking Statements:
This news release and related texts and images on BCM Resource Corporation's website contain certain “forward-looking statements” including, but not limited to, statements relating to interpretation of mineralization potential, drilling and assay results, future exploration work, and the anticipated results of this work. Forward-looking statements are statements that are not historical facts and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metals prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical, governmental, social, or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the company’s projects; uncertainties involved in the interpretation of sampling and drilling results and other tests; the possibility that required permits and access agreements may not be obtained in a timely manner; risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, and; the possibility of cost overruns or unanticipated expenses in these exploration programs.