/NOT FOR DISEMMINATION IN
THE UNITED STATES OR
THROUGH U.S. NEWSWIRE SERVICES/
Stock Symbol: BOW: TSX-V
MONTREAL,
June 23, 2017 /CNW/ - Bowmore
Exploration Ltd. (TSX-V: BOW) (the "Company"), which will begin
trading Monday , June 26, 2017 as
Osisko Metals Incorporated on a 3:1 consolidated basis, is pleased
to announce that it has engaged Canaccord Genuity Corp. (the
"Underwriter") on behalf of a syndicate of underwriters to complete
a private placement financing (the "Offering"), on a bought deal
basis, of 18,750,000 Units of the Company (the "Units") at an issue
price of C$0.80 per Unit
(post-consolidation basis) for gross proceeds of C$15,000,000. Each Unit shall consist of
one common share of the Company and one common share purchase
warrant (each whole such warrant, a "Warrant"). Each Warrant
shall be exercisable into a common share of the Company at an
exercise price of C$1.00 for a period
of 24 months. The number of Units and the Unit Price assumes that
the previously announced three for one share consolidation is
completed and the Units are being issued on a post-consolidation
basis.
The Underwriter will have the option, but not the obligation,
exercisable in whole or in part at any time prior to the closing of
the Offering, to increase the size of the Offering by up to an
additional 2,812,500 Units at the issue price for total proceeds of
C$17,250,000.
The Company will also be conducting a concurrent
non-brokered private placement of up to
3,333,333 flow-through shares of the Company at a price
of C$0.90 per flow through common
share, for gross proceeds of C$3,000,000, as well as up to
8,750,000 Units on the same terms as the Offering for additional
gross proceeds of C$7,000,000.
An amount equal to the net proceeds of the Offering will
be used by the Company for exploration activities
and general working capital purposes.
The Units will be offered and sold by way of private
placement exemptions in all provinces and jurisdictions of
Canada.
The Offering is subject to certain conditions including,
but not limited to, the receipt of all necessary regulatory
approvals, including the approval of the TSX Venture Exchange.
Closing is expected on or about July 14,
2017. All securities issued in connection with the Offering
will be subject to a four month hold period.
Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Bowmore Exploration Ltd.