pcNewsWire – Bullman Minerals Inc. (TSX-V: BUL) has closed the final tranche of its previously announced $7 million common share financing for gross proceeds of $850,000, issuing 8,500,000 common shares at $0.10 per common share to D&S International Investments Ltd.(Anping Wang & Xinyu Zhang, beneficial owners) .
The proceeds will be added to general working capital.
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Bullman Closes Final Tranche of $7 Million Equity Financing for Gross Proceeds of $850,000
(Vancouver, British Columbia), May 19, 2017 – Bullman Minerals Inc. (TSX-V: BUL) (the “Issuer”) announces, further to its news release of May 11, 2017, that it has closed the final tranche of its previously announced $7 million common share financing for gross proceeds of $850,000. The proceeds will be added to general working capital.
The Issuer issued a total of 8,500,000 common shares at $0.10 per common share to D&S International Investments Ltd. (“D&S”) (Anping Wang & Xinyu Zhang, beneficial owners), which is a control person of the Issuer arising from this multi-tranche placement. In addition, 340,000 common shares were issued to the finder, An Yue Chen of Shenzhen, China, in payment of services rendered. The 8,840,000 shares will be subject to a hold period under applicable Canadian securities laws expiring on September 20, 2017.
Pursuant to the early warning requirements of applicable legislation, D&S, with an address of Unit 1005, 10/F, Prosperous Building, 48-52 Des Voeus Road Central, Hong Kong, acquired 8,500,000 common shares of the Issuer representing 6.9% of the issued and outstanding common shares of the Issuer. D&S now holds 65,000,000 common shaes of the Issuer representing 50.6% of the issued and outstanding common shares of the Issuer. The common shares were acquired for investment purposes and the acquiror may acquire ownership of additional common shares of the Issuer. D&S is acting independently and has concurrently completed and filed an early warning report with the applicable securities regulators in respect of the above transaction which will be available at www.sedar.com under Bullman’s SEDAR profile.
On behalf of the Board of Directors
SIGNED: “Peter Yue”
Peter Yue, CEO and Director
Contact: Peter Yue (604) 336-8618
The Issuer owns 100% of the Siguri gold project and Balandougouba gold project in Guinea, West Africa. Both projects consist of six mining licenses with each license covering between one and two square kilometers. Environmental permits have also been secured which licenses and permits allow the Issuer to engage in mining extraction in the two project areas.
In addition, the Issuer renewed six exploration permits with respect to surrounding lands. The six exploration permits was obtained in May of 2013 covering roughly 600 square kilometers and were due to expire in May of this year. After returning 50% of the gross permitted lands to the government of Guinea as required by the Guinea mining law, the exploration permits were extended for an additional 2 years. The Issuer is carrying out exploration programs on both of its projects and planning to commence trial surface mining with the financing proceeds received.
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.
Source: Bullman Minerals Inc.