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This press release is not to be distributed to U.S. newswire services or to be disseminated in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
Vancouver, British Columbia – December 23, 2013 – Brazil Resources Inc. (the "Company" or “Brazil Resources”) (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce that due to strong demand it has increased the size of its previously announced non-brokered private placement (the “Private Placement”) of units of the Company (each, a “Unit”) at $0.55 per Unit from aggregate gross proceeds of $5,000,000 to aggregate gross proceeds of up to $5,500,000 or 10,000,000 Units.
Amir Adnani, Chairman, stated: “We are very pleased with the level of participation by insiders, existing shareholders and other investors in the Private Placement. As previously disclosed, the funds from the Private Placement will be used to advance the Company’s São Jorge and Cachoeira projects and to further strategic initiatives of growing through accretive acquisitions.”
Each Unit will be comprised of one common share of the Company and one common share purchase warrant (the “Warrants”). Closing of the Private Placement is expected to occur within December and is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the “TSXV”) and definitive subscriptions.
The Company may pay a finder’s fee to one or more arm’s length parties on a portion of the Private Placement in accordance with the policies of the TSXV. All Units, common shares and Warrants issued under the Private Placement will be subject to a four-month hold period from the closing date, in accordance with the rules and policies of the TSXV and applicable Canadian securities laws and such other restriction as may apply under foreign securities laws. Each Warrant will entitle the holder thereof to acquire one common share at an exercise price of $0.75 up to 5 years after the closing of the Private Placement, subject to the terms thereof.
The Units, common shares and Warrants have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Units, common shares or Warrants, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
For further information regarding the Private Placement please refer to the Company's press release dated December 16, 2013.
About Brazil Resources Inc.
Brazil Resources is a public mineral exploration company with a focus on the acquisition and development of projects in emerging producing gold districts in Brazil, Paraguay and other parts of South America. Currently, Brazil Resources is advancing its Cachoeira and São Jorge Gold Projects located in the State of Pará, Brazil.
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