Blue Moon Announces $300,000 Financing

Rhea-AI Summary

Blue Moon Zinc Corp. (OTCPINK: BMOOF) has initiated a non-brokered private placement worth $300,000 at $0.035 per unit, each unit comprising one common share and one-half share purchase warrant. The warrants will allow purchase of a common share at $0.07 for 24 months. Proceeds from this financing will be allocated for general working capital and are subject to regulatory approval. The company is focused on advancing its Blue Moon polymetallic deposit rich in zinc, gold, silver, and copper, holding significant inferred resources.

Positive

• Secured a non-brokered private placement of $300,000, enhancing liquidity.
• Blue Moon polymetallic deposit holds an inferred resource of 7.8 million tons at 8.07% zinc equivalent, indicating strong mineral potential.

Negative

• Financing is subject to regulatory approval, which may delay capital availability.

VANCOUVER, BC / ACCESSWIRE / September 24, 2020 / Blue Moon Zinc Corp. (TSXV:MOON;OTCPINK: BMOOF) (the "Company") announces it has arranged a non-brokered private placement of $300,000 at a price of $0.035 per unit (the "Unit) with each Unit consisting of one common share and one-half common share purchase warrant (a "Warrant"). Each whole Warrant shall entitle the holder thereof to acquire one common share at a price of $0.07 per share for a period of 24 months. Proceeds of the financing will be for general working capital. The private placement is subject to regulatory approval.

About Blue Moon

Blue Moon (TSX.V:MOON; OTCPINK:BMOOF) is currently advancing its Blue Moon polymetallic deposit, which contains zinc, gold, silver, and copper, in partnership with Platina Resources Limited. 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.bluemoonmining.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
pmcgrath@bluemoonmining.com

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 zinc, 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 Resources

View source version on accesswire.com:
https://www.accesswire.com/607754/Blue-Moon-Announces-300000-Financing

FAQ

What is the latest news about Blue Moon Zinc Corp (BMOOF)?

Blue Moon Zinc Corp has announced a non-brokered private placement of $300,000 at $0.035 per unit, intended for general working capital.

What are the terms of the private placement by BMOOF?

Each unit consists of one common share and one-half warrant, with the whole warrant allowing purchase at $0.07 for two years.

How much inferred resource does Blue Moon's deposit have?

The Blue Moon deposit contains an inferred resource of 7.8 million tons at an 8.07% zinc equivalent.

What will the financing proceeds be used for in BMOOF?

The proceeds from the private placement will be used for general working capital.

Is the private placement subject to any conditions?

Yes, the private placement is subject to regulatory approval.