Badlands Resources closes $3.2m placement and acquires Goliath property

Badlands Resources Inc. (TSXV: BLDS) (FSE: 2KV) has closed a non-brokered private placement raising $3,233,255 through the issuance of 11,975,021 units at $0.27 per unit, according to a company statement.

Each unit consists of one common share and one non-transferable warrant exercisable at $0.45 for two years from issuance. The company may accelerate warrant expiry to 30 days after notice if the share price exceeds $0.65 for five consecutive trading days on the TSX Venture Exchange. All securities are subject to a hold period expiring February 14, 2027.

The company paid $33,242 in cash finder's fees and issued 123,120 shares and 246,240 warrants exercisable at $0.27 per share. Net proceeds are intended for debt repayment, property acquisitions, and general working capital.

Separately, Badlands settled $500,000 in debt by issuing 1,851,846 shares at a deemed price of $0.27 per share. Of those, 1,111,112 shares worth $300,000 were issued to related parties, constituting a related party transaction under Multilateral Instrument 61-101.

Badlands also completed its acquisition of a 100% interest in the Goliath Property from Laxmi Resources Inc. for $200,000 in cash. The property comprises 97 contiguous mining claims totaling approximately 2,050 hectares in the Atikwa Lake area of the Kenora Mining Division in northwestern Ontario, roughly 70 km southeast of Kenora.

As part of the acquisition, Badlands assumed a 2% net smelter return royalty obligation to Blackwidow Geological Services Inc., retaining the right to repurchase half of that royalty for $1,000,000. The transaction is classified as a reviewable transaction under TSXV Policy 5.3, as the company's executive chairman holds an insider position at Laxmi Resources. The deal remains subject to final TSXV acceptance.

Badlands also confirmed it continues to pursue the previously announced sale of its Bella property, which remains pending shareholder and regulatory approvals, with no guarantee of completion.

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