Broadway Gold Mining closes $2.53M private placement

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By CPE News

Vancouver (pcJ News Briefs) – Broadway Gold Mining Ltd. (TSX-V: BRD; OTCQB: BDWYF; FSE: BGH.F) has completed its previously announced non-brokered private placement for gross proceeds of up to $5,000,000. Broadway Gold issued 2,811,114 units at a price of $0.90 (re-priced from $1.00) per unit to raise gross proceeds of $2,530,002.60.

Each unit is comprised of one common share and one half (1/2) common share purchase warrant, with each warrant being exercisable to acquire one common share at a price of $1.60 for a period of 18 months following the closing date of the offering.

Proceeds will be used for general corporate purposes and for geophysics, underground drilling and surface drilling on its Madison copper-gold project.

In connection with the offering, Broadway Gold has paid finders fees in the aggregate amount of $115,720 to several finders and has issued 281,111 compensation options to such finders. The compensation options will be exercisable to acquire one Unit for a period of 18 months from the date of issuance at an exercise price of $0.90 per Unit.

Broadway Gold Mining Ltd. owns a 100% interest in the Madison copper-gold project located in the Butte-Anaconda mining region of Montana, USA.

photo credit: Broadway Gold Mining