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VANCOUVER, British Columbia, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Broadway Gold Mining Ltd. (TSX-V: BRD) (OTCQB: BDWYF) (“Broadway” or the “Company”) today announced an increase to its previously announced non-brokered private placement, from $300,000 to up to $450,000. The offering consists of common shares at 10 cents ($0.10) each, which will result in the issuance of up to 4,500,000 shares. The Company will use the proceeds to complete a preliminary economic assessment of the Madison Mine and for general working capital purposes.
Subject to exchange approval, a grant of 100,000 options to each of Bob Middleton, Victoria Donato, Dr. Roger Laine, Shawn Parnham, Duane Parnham and Thomas Smeenk, and a grant of 25,000 options to Phil Mulholland, to acquire shares at $0.20 each, will be filed with the regulator. Options granted to officers, directors and consultants employed by the Company vest immediately and may be exercised for a period of 5 years from the date of grant.
About Broadway Gold Mining Ltd.
Broadway Gold is focused on the exploration and development of the Broadway and Madison mines and the discovery of the porphyry source of their mineralization. The Company owns a 100% interest in a four-square-mile property in the Butte-Anaconda region of Montana, a porphyry-based mining district. The Company is permitted for exploration and bulk sampling. Of two underground mines, one, the Madison, is Mine Safety and Health Administration (MSHA) compliant. While actively expanding known copper and gold zones open for development, the Company’s exploration program has identified new anomalies along the two-mile contact zone, and across its extensive four-square-mile land package. The Company confirmed a Latite porphyry discovery in holes C17-24 and C17-C27 (see news release dated January 22, 2018) that appears to be of significant size with intercepts to-date measuring up to 234 meters, open in all directions.
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This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Broadway are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Broadway's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Broadway with securities regulators. Broadway expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange Inc. 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.