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Thunderstruck Resources Ltd. (TSXV: AWE) (OTC: THURF) (the "Company") advises, farther to its press release dated February xiv, 2022, that it has airtight its previously announced non-brokered private placement (the "Placement").

Gross proceeds of CAD$two,500,000 were raised through the sale of 35,714,285 units at a price of $0.07 per unit. Each unit of measurement comprised one common share and one share purchase warrant. Each whole warrant entitles the holder to purchase a further common share at a price of $0.xv per share for a period of five years. The warrants are subject to accelerated exercise provisions such that if the closing price of the Company's common shares exceeds $0.30 per share for a period of 20 consecutive trading days, the Visitor may requite notice of the acceleration of the warrants' term to a menstruation of 30 days post-obit such find.

No finder's fees were payable in connectedness with the Placement.

"This Placement volition permit us to aggressively explore the many promising targets on our large property position in Fiji this season, including the 3-kilometer-long series of coincident geochemical and geophysical anomaly trend on the Liwa gold prospect," stated Thunderstruck's President/CEO Bryce Bradley. "We look forward to releasing results on a number of exciting targets that accept never previously seen a drill bit."

As indicated, the Liwa golden/silver prospect is the highest priority project for the 2022 flavour. Exploration will focus on diamond cadre drilling to begin defining the subsurface extent and grade of gold mineralization discovered at surface showings, including up to vi.83 thousand/t Au and 285 grand/t Ag at the Liwa Ridge target, 55 g/t Au at Jensen'south target, 41.6 k/t Au and ane,200 g/t Ag at the Vatuvatulevu target, and continuous features grading up to 0.45 g/t Au at the Gun target. These targets cumulatively represent a strike length in excess of 3 kilometers.

Exploration at the adjacent Rama copper/gold prospect is as well planned, with a focus on investigating the possibility of Liwa and Rama together comprising a large porphyry gold-copper system. Previous drilling by Anglo reported a 244-meter interval averaging 0.22% copper (from 6m to 250m), ending in mineralization, with a chargeable feature continuing underneath. The Company'due south other licenses in Fiji are besides existence assessed and prioritized for field work during the May-Nov exploration season.

Please stay tuned for a detailed 2022 exploration program on the Visitor's entire land package.

All securities issued are subject to a hold period in Canada expiring on July nine, 2022. Additional restrictions may apply pursuant to Dominion 144 of the Securities Act of 1933, as amended, to U.Southward. investors.

Insiders participated in the Placement acquiring an aggregate of 449,654 units on the same basis equally other subscribers. The participation in the Placement by insiders of the Company constitutes a "related political party transaction" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101. The Company relied on Department v.five(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the Placement in so far every bit the Placement involved interested parties did non exceed 25% of the Visitor'due south market capitalization.

Every bit previously announced, the completion of the Placement results in the creation of a new insider, Ian Gandel, who volition indirectly hold 31,753,203 mutual shares, representing 25% of the now outstanding common shares of the Company and a farther 31,753,203 warrants, which together with the common shares acquired, will represent 40% of the issued and outstanding shares on a partially diluted ground. Prior to the Placement, Mr. Gandel held no securities of the Company. While Mr. Gandel has no specific plans or intentions with respect to the Units caused, depending on market weather condition, full general economic and industry conditions, trading prices of the Company's shares, the Company's concern, financial condition and prospects and/or other relevant factors, Mr. Gandel may develop such plans or intentions in the future and, at such time, may from time to time larn additional common shares, dispose of some or all of the existing or additional common shares or may continue to hold mutual shares of the Company.

A copy of the early warning reports filed by Mr. Gandel will exist available on the Company'south SEDAR contour at www.sedar.com or may be obtained by contacting Mr. Gandel at info@thunderstruck.ca.

In connection with this strategic investment, the Company and Mr. Gandel also entered into an investor rights agreement, whereby, discipline to certain conditions, including fourth dimension and ownership thresholds, Mr. Gandel will have certain rights, including the right to appoint one manager of the Company.

In addition, Mr. Gandel will accept a right to participate in time to come equity issuances to maintain his ownership in the Visitor at 25%.

Under the investor rights agreement, for a period of two years, Mr. Gandel has as well agreed non to (a) commence a take-over bid; (b) learn the Company's shares, or direct or indirect rights to larn any of the Visitor'due south shares; (c) make, or in any style participate in whatever solicitation of proxies to vote the Visitor'south shares; (d) make any public announcement with respect to, or submit a proposal for, or offer of (with or without conditions) any business combination, amalgamation or merger or similar transaction involving the Company.

A copy of the investor rights understanding is available nether the Company's SEDAR profile at www.sedar.com.

Every bit a TSX condition of Gandel's 25% participation, the Company has received well in backlog of the required 51% shareholder approval. We wish to thank our shareholders for their continued back up.

Stock Options

The Company too wishes to announce that it granted ii,100,000 stock options in accordance with its stock pick plan to various insiders, advisors, and consultants, with each pick being exercisable into one common share at a price of .095 cents per share for a period of 10 years.

Well-nigh Fiji

Fiji is on the Pacific Ring Of Fire, a prolific trend that has produced numerous large aureate and copper deposits, including Porgera, Lihir and Grasberg.

Viti Levu, the main island of Fiji, has a long mining history. It hosts non merely the Thunderstruck tenements, just also the following active projects:

Namosi (Copper/Gold) Newcrest published proven and probable reserves of 1.3 billion tonnes at 0.37%Cu and 0.12g/t Au (v.2M ounces Au and 4.9M tonnes Cu).

Tuvatu (Gold) Indicated Resources of 1 meg tonnes at eight.48 k/t Au (274,600 ounces Au), and Inferred Resources of ane.33 1000000 tonnes at ix.0 1000/t Au (384,000 ounces Au) reported at a 3.0 g/t Au lower cut-off.

Vatukoula Gold Mines: Formerly known as the Emperor Gilt Mine has been operating for over 80 years, producing in backlog of seven million ounces of Au to appointment.

About Thunderstruck Resource

Thunderstruck Resources is a Canadian mineral exploration visitor that has assembled extensive and highly prospective backdrop in Republic of the fiji islands on which recent and previous exploration has confirmed zinc, copper and precious metals mineralization. The Company provides investors with exposure to a diverse portfolio of exploration stage projects with potential for zinc, copper, golden and silver in a politically safe and stable jurisdiction. Thunderstruck trades on the Toronto Venture Exchange (TSX-V) nether the symbol "AWE" and U.s. OTC under the symbol "THURF."

Qualified Person Argument

Dorian Fifty. (Dusty) Nicol, FAusIMM, RG, the Company'due south Manager of Exploration, is a Qualified Person for the Company's projects equally defined by National Instrument NI 43-101. Mr. Nicol has reviewed and approved the technical content of this news release.

For additional information, please contact:
Rob Christl, VP Business Development and Investor Relations
Electronic mail: rob@thunderstruck.ca
P: 778 840-7180
or, visit our website: http://www.thunderstruck.ca

Neither the TSX Venture Commutation Inc. nor its Regulation Services Provider (as that term is divers in the policies of the TSX Venture Exchange) accepts responsibleness for the adequacy or accuracy of this release.

This news release contains certain statements that may be accounted "forward-looking statements". Although Thunderstruck believes the expectations expressed in such forrard-looking statements are based on reasonable assumptions, such statements are not guarantees of future functioning and bodily results may differ materially from those in frontward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Thunderstruck'due south management on the date the statements are made. Except as required by constabulary, Thunderstruck undertakes no obligation to update these forrad-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, delight visit https://www.newsfilecorp.com/release/115973

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Source: https://investingnews.com/thunderstruck-resources-ltd-announces-2-5-million-strategic-financing-closed/

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