Bonanza Mining arranges $300,000 private placement

Executive Summary

• Bonanza Mining Corp. announced a new private placement of up to 10 million units at $0.03 per unit, targeting gross proceeds of up to $300,000.
• Each unit consists of one common share and one warrant allowing purchase of an additional share at $0.05 for two years after closing.
• Proceeds will be used for general working capital, including payment of approximately $150,000 owed for prior professional and administrative services.

Key Details

• Units Offered: Up to 10 million units (each = 1 common share + 1 warrant).
• Price per Unit: $0.03 (Cents).
• Gross Proceeds Target: Up to $300,000.
• Warrant Terms: Right to purchase one additional common share at $0.05 per share; exercisable for two years from closing.
• Offering Structure: Non‑brokered private placement; may include finders’ fees under TSX V exchange rules.
• Regulatory Framework: Conducted pursuant to BC Instrument 45‑536 and comparable exemptions in other Canadian jurisdictions; subject to formal documentation, regulatory approvals, and exchange acceptance.
• Insider Participation: Possible; details to be disclosed in the closing announcement; reliance on MI 61‑101 exemptions if insider participation ≤25% of market cap.
• Use of Proceeds: General working capital, including payment of ~US$150,000 for prior professional and administrative services to non‑arm’s‑length parties.
• Hold Periods: Securities subject to a four‑month‑and‑one‑day hold period under Canadian securities law plus exchange hold periods; additional restrictions may apply in other jurisdictions.

Notable Quotes

(No executive quotes were provided in the release.)