Business
BWR Exploration Closes Non-Brokered Unit Offering
TORONTO, Feb. 08, 2023 (GLOBE NEWSWIRE) -- BWR Exploration Inc. (TSX.V: BWR) (“BWR” or the “Company”) is pleased to announce the closing of its non-brokered, un
About this update from Bwr Exploration Inc.
[{"type":"text","content":" TORONTO, Feb. 08, 2023 (GLOBE NEWSWIRE) -- BWR Exploration Inc. (TSX.V: BWR) (“BWR” or the “Company”) is pleased to announce the closing of its non-brokered, unit offering previously announced on November 24, 2022 and January 6, 2023 (the “Unit Offering”) comprising of a first tranche of 1,868,000 units as announced January 6, 2023, and a second tranche of 2,700,000 units for a total of 4,568,000 units (the “Units”) set out below at a price of $0.03 per Unit for aggregate gross proceeds of $137,040. No finders’ fees were issued as part of this Unit Offering. Each Unit will consist of one common share (a “Common Share”) of the Company and one-half Common Share purchase warrant (a “Half Warrant”). Two Half Warrants comprise one Common Share purchase warrant (a “Full 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 $0.06 per Full Warrant Share within 24 months from the closing of the Unit Offering and for the period that is for 24 months plus one day from closing of the Unit Offering until the Full Warrant Expiry Date at a price of $0.10 per Full Warrant Share. The proceeds from the Unit Offering will be used for general corporate purposes including advancing the exploration programs on the Company’s projects in Canada with a focus on the Little Stull Lake Gold project located in Northeastern Manitoba. The securities issued in the first tranche contain a statutory four month plus one day hold period expiring April 23, 2023. The securities issued in the second tranche contain a statutory four month plus one day hold period expiring June 9, 2023.The Unit Offering is subject to TSX Venture Exchange and regulatory approval. Certain insiders of the Company have participated in the first tranche of the Unit Offering for 300,000 Units in the aggregate. Such participation represents a related-party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”), but the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceed 25% of the Compan...