Broadway Announces Financing Closed
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWSWIRE SERVICES
Vancouver, BC – August 22, 2018 – Broadway Gold Mining Ltd. (TSX-V: BRD) (OTCQB: BDWYF) (“Broadway” or the “Company”) today closed its previously announced non-brokered private placement of $450,000. The offering of 4,500,000 common shares at 10 cents ($0.10) each is subject to a four month hold period that expires on December 23, 2018. Insiders, Duane Parnham, Chairman and Thomas Smeenk, President and CEO, together subscribed for 26% of the offering. Ten investors subscribed for the balance of the offering. A commission of 8%, totaling $9,520, was paid to four firms for four subscriptions. The Company will use the proceeds to complete a preliminary economic assessment of the Madison Mine and for general working capital purposes.
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.