Badlands Resources raises private placement target to $3M

Badlands Resources Inc. (TSXV: BLDS) (FSE: 2KV) has increased its non-brokered private placement from up to 7,407,408 units to up to 11,111,111 units at $0.27 per unit, raising the total gross proceeds target from $2,000,000 to $3,000,000.

Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant is exercisable at $0.45 per share for two years from the date of issue. The company retains the right to accelerate warrant expiry to 30 days' notice if the share price on the TSX Venture Exchange exceeds $0.65 for five consecutive trading days after all regulatory hold periods have expired.

All securities issued under the placement will be subject to a hold period of four months and one day from the date of issue. Finders' fees may be payable on all or a portion of the placement in accordance with TSXV policies.

The company states it intends to use net proceeds to extinguish debt, fund new property acquisitions including the Goliath property in the District of Kenora, Northwestern Ontario, and for general working capital.

Completion of the placement remains subject to TSXV approval, as does the proposed acquisition of the Goliath property. The company also confirmed it continues to pursue the previously announced sale of its Bella property, which additionally requires shareholder approval. The company noted no guarantee exists that either transaction will be completed as proposed or at all.

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