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Bitterroot Resources - Private Placement Financing
Not for Distribution to United States Newswire Services or for Dissemination in the United S...
About this update from Bitterroot Resources Ltd.
[{"type":"text","content":"Bitterroot Resources - Private Placement FinancingNot for Distribution to United States Newswire Services or for Dissemination in the United StatesWEST VANCOUVER, BC / ACCESSWIRE / November 6, 2020 / Bitterroot Resources Ltd.'s (TSXV:BTT) (the \"Company\") management announces a non-brokered private placement (the \"Private Placement\") of up to 12,000,000 units priced at $0.06 per unit for gross proceeds of up to $720,000. Each unit will consist of one common share in the capital of the Company and one half of a common share purchase warrant, each whole warrant exercisable to acquire one additional common share at an exercise price of $0.12 for a period of 2 years from the closing date of the Private Placement.The Company intends to use the proceeds of the Private Placement for follow-up drilling of the LM Property's recently discovered magmatic nickel-copper-PGM mineralization in the Upper Peninsula of Michigan, pre-drilling permitting and geophysical (CSAMT) surveys on the Coyote Sinter and Castle gold/silver projects in Nevada and for general working capital. Details of these projects are available on the Company's redesigned website, www.bitterrootresources.com.The Private Placement is subject to the acceptance of the TSX Venture Exchange (the \"Exchange\"). The securities issued pursuant to the Private Placement will be subject to a four-month hold period in accordance with applicable securities laws and the rules of the Exchange, commencing on the closing date of the Private Placement.The Company intends to pay qualified third-party finders a 6% cash commission plus 6% broker warrants for locating purchasers in the Private Placement, subject to the approval of the Exchange.The securities issued in connection with the Private Placement have not been nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States or to an account for the benefit of US persons, absent such registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale, or solicitation would be unlawful.ON BEHALF OF THE BOARD OF DIRECTORSMichael S. CarrDirectorContact information:Telephone: 604-9...