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Blue River Announces Closing of Non-Brokered Private Placement

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Vancouver, British Columbia--(Newsfile Corp. - September 10, 2021) - Blue River Resources Ltd. (TSXV: BXR) (OTC Pink: BRVRF) (FSE: 0BL) (the "Company") announces that, further to its news releases of April 26, 2021 and June 23, 2021, and subject to the approval of the TSX Venture Exchange (the "Exchange"), it has closed its non-brokered private placement (the "Private Placement") raising gross proceeds of $650,000 through the issuance of 43,333,333 units (the "Units") at a price of $0.015 per Unit.

Each Unit consists of one common share (a "Share") in the capital of the Company and one transferable share purchase warrant (a "Warrant") with each Warrant exercisable to purchase one additional Share of the Company at a price of $0.05 per Share for a period of 3 years from the date of closing of the Private Placement.

Pursuant to the Exchange bulletins dated April 8, 2020, December 15, 2020 and June 17, 2021 regarding temporary relief of $0.05 minimum pricing requirement, the Company submitted an application and received approval from the Exchange for the minimum waiver.

No finder's fees were paid in connection with the Private Placement.

The Shares and Warrants are subject to a 4-month hold period in Canada and the Exchange Hold Period.

The following is a summary of the use of proceeds allocation:

Use of Proceeds Summary

Type of Expense

Estimated Cost
($)

Exploration expenses on Castle Project: Geophysical survey, report

171,500

Management and consulting fees ($19,000 mo.)

171,000

Commissions

30,000

Office rent, telecom, administration ($4,000 /mo.)

48,000

Audit and accounting fees

30,000

Regulatory fees - transfer agent [monthly fees x 12, plus any outstanding due and owing]

16,000

Regulatory fees - TSXV - annual sustaining fee

5,500

Regulatory fees - next Q4 fees to BCSC, ASC and SEDAR system fees

8,000

Stock Option Plan TSX.V Fees
Unallocated

30,000
140,000

Total:

650,000

 

The proceeds from the Private Placement will be used for mineral exploration on the Company's Castle Copper project, located between Copper Mountain Mining and Kodiak Copper on the prolific Nicola Volcanic Trend, within the larger Quesnel Trough Copper belt, and for general working capital.

ON BEHALF OF THE BOARD OF DIRECTORS

Griffin Jones
President
604.682.7339
www.blueriv.com

Neither 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.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96086

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