BWR Exploration Inc. Announces Closing of Second Tranche of Private Placement and Issuance of Common Shares to Puma Explorati...
October 30 2019 - 3:45PM
BWR Exploration Inc. (TSXV:BWR) (“BWR” or the “Company”) is pleased
to announce the closing of the second tranche (the “Closing”) of
the previously announced non-brokered private placement (the
“Offering”) for aggregate gross proceeds of $63,000 on October 30,
2019, through the purchase of 1,260,000 Units consisting of
1,260,000 common shares (“Common Shares”) plus 580,000 warrants,
issued in connection with the Closing. The Offering is now closed,
pursuant to approval of an extension by the TSX Venture Exchange
allowing the Company to close this second tranche of the Offering
today.
As previously announced, each Unit consists of 1
Common Share, plus one half of one common share purchase warrant (a
“Warrant”) of the Company. Each Full Warrant will expire 36 months
from the date of issue (the “Full Warrant Expiry Date”) and will
entitle the holder thereof to purchase one Common Share (a “Full
Warrant Share”) at a price of $0.075 per Full Warrant Share within
24 months from the date of issue and for the period that is for 24
months plus one day from the date of issue until the Full Warrant
Expiry Date at a price of $0.10 per Full Warrant Share.
Together, the total proceeds raised from the
Offering, including the closing of the first tranche announced on
September 30, 2019, have resulted in aggregate gross proceeds
of $213,000 through the purchase of 4,260,000 Units.
All securities issued have a hold period of 4
months plus one day, which expires on March 1, 2020 pursuant to the
Closing.
While the Unit Offering was effected by the
Company on a non-brokered basis, the Company paid finder’s fees to
an arm’s-length third party, Leede Jones Gable (the “Broker”),
consisting of: $3,200 cash commission representing 8% of the gross
proceeds of the Unit Offering raised by the Broker; and (ii) 64,000
broker warrants (“Broker Warrants”) representing an amount up to 8%
of the total number of Units issued under the Unit Offering. Each
Broker Warrant will entitle the holder thereof to purchase one
Common Share of the Company at the Exercise Price of $0.075 for 24
months from the date of issue.
The proceeds from the Offering will be used for
general corporate purposes, with a focus on the Little Stull Lake
Gold project located in Northeastern Manitoba.
The Company will also issue 950,000 Common
Shares to Puma Exploration Inc. (TSXV:PUMA) (“Puma”) in connection
with its obligations under an agreement with Puma dated October 5,
2016, as amended October 9, 2019 (the “Agreement”). The Company
will issue 50,000 Common Shares to Denis Amoroso as successor to
Services Miniers Lemco Inc. in connection with a finder’s fee
payable under the Agreement, resulting in a total transfer of
1,000,000 Common Shares pursuant to the Agreement.
BWR Exploration Inc. is a public company focused
on exploring for base and precious metals, with its flagship Little
Stull Lake Gold Project in NE Manitoba along with other exploration
projects in Northern Ontario, and Northern Quebec, Canada.
Management of BWR includes an accomplished group of
exploration/mining specialists with many decades of operational
experience in the junior resource sector in Canada and abroad.
Prior to this financing there were 68,202,461 shares issued in BWR;
subsequent to the closing there are 71,202,461 shares issued.
Neither the Toronto 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 release.
For information about BWR Exploration Inc.
please visit our website:
http://www.bwrexploration.com or call/email:
Neil Novak, P.Geo., President, CEO & Director, BWR
Exploration Inc. 82 Richmond St. EToronto, ON M5C 1P1Office (416)
848 6866nnovak@bwrexploration.com
For additional information regarding BWR please contact:
Carl Desjardins, Paradox Investor Services Inc.Cell:
514-618-4477carldesjardins@paradox-pr.ca
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