Gungnir Resources announces $1M investment from Altius Minerals

Gungnir Resources is pleased to announce that it has entered into an agreement with Altius Minerals Corporation pursuant to which Altius has agreed to purchase 6,250,000 units of the Company at a price of $0.12 per Unit, for total gross proceeds of $750,000. Each Unit will consist of one common share in the capital of the Company and one common share purchase warrant. Each Warrant entitles the holder to acquire one Common Share at a price per Warrant Share of $0.18 per share for a period of 24 months from the closing. Altius' investment forms part of a larger non-brokered private placement offering of the Company of up to 11,666,667 Units at the Unit Price for aggregate gross proceeds of up to $1,400,000. The Company has also entered into a royalty option agreement with Altius pursuant to which the Company has granted Altius the right, in exchange for $250,000, to enter into: a royalty agreement with respect to licences at the Company's Lappvattnet and Rormyrberget projects, and a royalty agreement with respect to licences at the Company's Knaften project. Under the Option Agreement, Altius may exercise its Lappvattnet and Rormyrberget Option by paying the Company $8 million at which time the Company and Altius will enter into a royalty agreement for a 2.0% gross sales royalty in perpetuity, and Altius may exercise its Knaften Option by paying the Company $2 million at which time the Company and Altius will enter into a royalty agreement for a 1.0% gross sales royalty in perpetuity. 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 Company's nickel resources, as well as for general corporate purposes. The closing of the Offering is subject to certain conditions, including but not limited to, the approval of the TSX Venture Exchange. 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.