Gamma Resources Announces Increase in Private Placement

Gamma Resources Ltd has announced an increase in its non-brokered private placement to $1,750,000. Initially set at $880,000 on July 31, it was raised to $1,500,000 on August 27. The first tranche has closed at $872,500, with plans to increase proceeds further.

The private placement consists of up to 21,875,000 units at $0.08 per unit. Each unit includes one common share and a warrant allowing purchase of an additional share at $0.12 for 36 months. The first tranche concluded with 10,906,250 units issued, alongside finders' fees in cash and warrants.

Directors are expected to join the second tranche, marking a related party transaction, yet exempt from certain regulatory requirements due to its scale relative to company capitalization.

Funds will support exploration in New Mexico and Utah and serve general corporate purposes. Completion hinges on approval from the TSX Venture Exchange.