Blade Resources plans $6M private placement for Arizona project

Blade Resources Inc. (CSE: AZCU) announced a non-brokered private placement of up to 20,000,000 units at $0.30 per unit, seeking gross proceeds of up to $6,000,000, according to a company press release.

Each unit consists of one common share and one share purchase warrant. Each warrant allows the holder to acquire an additional share at $0.40 for a period of 30 months. The warrants are subject to accelerated expiry at the company's option if the closing price of shares on the Canadian Securities Exchange exceeds $0.75 for 10 consecutive trading days.

The Vancouver-based company said it intends to use the proceeds to continue exploration and development at its Hot Breccia copper-gold porphyry project, located near Hayden, Arizona, and for general working capital purposes.

Securities issued in connection with the offering will be subject to a four-month-and-one-day resale restriction under applicable securities laws. The company may also pay finders' fees to eligible third parties who introduce subscribers to the offering. Completion of the offering remains subject to regulatory approvals.

The Hot Breccia project covers 227 unpatented mining claims in Arizona's porphyry copper province.

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