TORONTO, Dec. 31, 2018 (GLOBE NEWSWIRE) -- BWR Exploration Inc. (BWR.V) (“BWR” or the “Company”) is pleased to announce the closing of the previously announced non-brokered private placement (the “Offering”) for aggregate gross proceeds of $189,500 on December 28, 2018, through the purchase of 947,500 Units consisting of 2,842,500 flow-through shares (“Flow Through Shares”), 947,500 common shares (“Common Shares”) plus 473,750 warrants, issued in connection with the Closing.
As previously announced, each Unit consists of 3 Flow Through Shares, plus 1 Common Share, plus one half of one common share purchase warrant (a “Warrant”) of the Company. Each Warrant will expire 12 months from the date of issue (the “Warrant Expiry Date”) and each whole Warrant will entitle the holder thereof to purchase one Common Share (a “Warrant Share”) at a price of $0.075 per Warrant Share.
All securities issued have a hold period of 4 months plus one day, which expires on April 29, 2019 for the Closing.
The gross proceeds raised in the Flow-Through Shares portion of the Offering was $142,125, while the amount raised in the Common Share portion of the Offering was $47,375. The remaining available Units related to the Offering is 4,210,000 Units equating to $216,750 that remains open and available. The Company may elect to complete a further closing in mid-January for all, or a portion of the above residual amounts.
Two insiders participated in this financing subscribing for 150,000 Units for net proceeds to the Company of $30,000, representing approximately 15.8% of the funds raised.
The proceeds from the non flow-through portion of the Offering will be used for general corporate purposes. The flow-through portion of the Offering will be used for qualified exploration expenditures in Canada, with a focus on the Little Stull Lake Gold project located in Northeastern Manitoba.
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 64,412,461 shares issued in BWR; subsequent to the closing there are 68,202,461 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. E
Toronto, ON M5C 1P1
Office (416) 848 6866
For additional information regarding BWR please contact:
Carl Desjardins, Paradox Investor Services Inc.