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VANCOUVER, Feb. 16, 2016 /CNW/ - Brazil Resources Inc. (the
"Company" or "Brazil Resources") (TSX-V: BRI; OTCQX: BRIZF) is
pleased to announce that, further to it news release dated
February 11, 2016, it has increased
the size of its previously announced non-brokered private placement
of common shares of the Company at $0.45 per share (the "Private Placement") from
aggregate gross proceeds of $2.0
million to $2.5 million, or
5,555,556 common shares.
The common shares to be issued under the Private Placement will
be subject to a hold period expiring four months plus one day from
closing in accordance with the rules and policies of the TSX
Venture Exchange (the "TSXV") and applicable Canadian securities
laws and such other further restrictions as may apply under foreign
securities laws.
The Company intends to use the net proceeds from the Private
Placement to advance its corporate strategy, including expenses
associated with the exploration of its existing projects and the
acquisition of additional projects, and for working capital and
general corporate purposes.
Closing of the Private Placement is expected to occur this month
and is subject to receipt of all necessary approvals, including the
approval of the TSXV and receipt of definitive subscriptions.
The Common Shares 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 Common Shares, in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Brazil Resources Inc.
Brazil Resources Inc. is a public mineral exploration company
with a focus on the acquisition, exploration and development of
projects in Brazil, United States, Canada and other regions of the Americas.
Brazil Resources is advancing its Whistler Gold-Copper Project
located in Alaska, United States, its Cachoeira and São Jorge
Gold Projects located in the State of Pará, northeastern
Brazil and its Rea Uranium Project
in the western Athabasca Basin in
northeast Alberta, Canada.
Forward Looking Statements
This news release contains certain forward-looking statements
that reflect the current views and/or expectations of the Company
with respect to its performance, business and future events,
including statements regarding the timing, completion, size and
regulatory approval of the Private Placement. Forward-looking
statements are based on the then-current expectations, beliefs,
assumptions, estimates and forecasts about the business and the
industry and markets in which the Company operates, including that:
the Company will finalize definitive agreements with subscribers,
the current price of and demand for minerals being targeted by the
Company will be sustained or will improve; the Company´s current
exploration programs and objectives can be achieved; the Company
will be able to obtain required exploration licences and other
permits; general business and economic conditions will not change
in a material adverse manner; financing will be available if and
when needed on reasonable terms; the Company will not experience
any material accident; receipt of all regulatory approvals,
including of the TSXV, for the Private Placement; and the Company
will be able to identify and acquire additional mineral interests
on reasonable terms or at all. Forward-looking statements are not
guarantees of future performance and involve risks, uncertainties
and assumptions which are difficult to predict. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties, including: that the Company will not be able to
finalize definitive agreements with subscribers; that the Company
has a limited operating history; that resource exploration and
development is a speculative business; that the Company may lose or
abandon its property interests or may fail to receive necessary
licences and permits; that the Company's properties are in the
exploration stage and are without known bodies of commercial ore;
that the Company may not be able to obtain all necessary permits
and approvals on any of its properties; that environmental laws and
regulations may become more onerous; that the Company may not be
able to raise additional funds when necessary; potential defects in
title to the Company's properties; fluctuations in currency
exchange rates; fluctuating prices of commodities; operating
hazards and risks; competition; potential inability to find
suitable acquisition opportunities and/or complete the same; and
other risks and uncertainties listed in the Company's public
filings. These risks, as well as others, could cause actual results
and events to vary significantly. Accordingly, readers should not
place undue reliance on forward-looking statements and information,
which are qualified in their entirety by this cautionary statement.
There can be no assurance that forward-looking information, or the
material factors or assumptions used to develop such forward
looking information, will prove to be accurate. The Company does
not undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements, except as
required by applicable securities law.
Neither the TSX Venture Exchange 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 news release.
SOURCE Brazil Resources Inc.