DGAP-News

Gungnir Announces Closing of Second and Final Tranche of Private Placement

DGAP-News: Gungnir Resources Inc. / Key word(s): Miscellaneous Gungnir Announces Closing of Second and Final Tranche of Private Placement 05.10.2020 / 14:00 The issuer is solely responsible for the content of this announcement. Gungnir Announces Closing of Second and Final Tranche of Private Placement

SURREY, BC / ACCESSWIRE / October 5, 2020 / Gungnir Resources Inc. (TSXV:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is pleased to announce that it has completed the second and final tranche of its previously announced non-brokered private placement of 3,333,333 units of the Company ("Units") for a total of 10,000,000 Units sold under the offering priced at $0.06 per Unit (the "Unit Price"), for total gross proceeds of $600,000 (the "Offering"). Each Unit consists of one common share in the capital of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share (each, a "Warrant Share") at a price per Warrant Share of $0.09 per share for a period of 36 months from the closing of the Offering.

The net proceeds of the Offering will be used to continue the exploration program, inclusive of drilling, at the Company's 100% owned projects in Sweden, concentrating on the Knaften Gold zone and our two nickel resources, Rormyrberget and Lappvattnet.

All securities issued under the Offering are subject to a hold period expiring four months and one day from the closing date of the Offering.

As consideration for the services of certain finders, the Company paid a cash commission of 8% of the gross proceeds of the Offering and that number of non-transferrable finder units (the "Finder Units") as is equal to 8% of the aggregate number of Units sold under the Offering. Each Finder Unit was priced at $0.06 and consisted of one Common Share and one common share purchase warrant (each, a "Finder Warrant"). Each Finder Warrant entitles the holder to acquire one Common Share (each, a "Finder Warrant Share") at a price per Finder Warrant Share of $0.09 per share for a period of 36 months from the closing of the Offering.