Junior Exploration Brex (ME) has raised more than $2.5 million in a private placement of 7 million special warrants priced at 36 cents each.
Most of the funds will be used to explore a property in Nevada’s Carlin trend. Situated at the intersection of three regional fault trends, the property lies less than 2 miles west of the Quarry-Maggie Creek mine operated by Newmont Gold (NYSE). Three grab samples returned values of 0.035 oz. gold per ton.
A smaller portion of the funds will be applied to properties in Guyana.
Each special warrant will be exchangeable for a unit consisting of one class A share and a one-half class A share purchase warrant. Each whole purchase warrant will entitle the holder to buy another share for 50 cents for a period of 18 months from the closing date.
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