(MENAFN- ProactiveInvestors)
() has been well-supported by investors in a capital raising with the funds to be allocated to advancing its exploration programs in Brazil.
BBX has received commitments to raise $882925 via a two tranche placement of 35317000 shares at $0.025 per share to sophisticated and institutional investors.
The company has received applications for $780425 for Tranche 1 its maximum under its 7.1 capacity.
Investors will also be issued subject to shareholder approval with 1 free attaching option for each 4 shares issued with an exercise price of $0.05 per option expiring two years from the date of issue.
The funds raised will be used to continue the analysis and testing of existing drill core of JED001-006 as well as to further the exploration program at Juma East which is expected to recommence in March.
Jeff McKenzie CEO commented:
“We are delighted with the support we have received from our existing investors and new institutions in the placement.
"The Tranche 1 placement was well oversubscribed and resulted in applications being scaled back."
BBX is now sufficiently funded to enable work to continue on the exploration program and to reconcile the inconsistences at Juma East.
Recent amalgamation tests on the interval 210.33 metres to 224.96 metres at the base of hole JED-004 have identified gold + PGM.
A significant result was: 13.66 metres at 4.76g/t gold + PGM where very low levels of gold had previously been reported via fire assay.
At the time BBX said that the pulverised unassayed sample splits (sample pulps) from this interval were bulked into a single 820gram sample and amalgamated with mercury at the Nomos laboratory Rio de Janeiro.
PGM's add interest to Juma East
Ongoing studies of core from JED-004 and JED-006 have revealed the presence of significant levels of PGM´s besides gold and silver within individual minerals scanned by SEM.
Two rock chips taken from a depth of 220 metres in JED-004 and 263 metres in JED-006 were submitted for inspection by SEM.
Various individual mineral grains within the samples were scanned revealing extremely high PGM levels varying from 0.2% to 32.1% combined PGM´s (Pt Pd Os Ir Ru Rh).
BBX added that work is ongoing in an attempt to accurately quantify bulk PGM levels within the core samples.
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