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BWR Exploration Inc. Announces Closing of Second Tranche of Private Placement and Issuance of Common Shares to Puma Exploration Inc.
TORONTO, Oct. 30, 2019 (GLOBE NEWSWIRE) -- BWR Exploration Inc. (TSXV:BWR) (“BWR” or the “Company”) is pleased to announce the closing of the second tranche (th
About this update from Bwr Exploration Inc.
[{"type":"text","content":" TORONTO, Oct. 30, 2019 (GLOBE NEWSWIRE) -- 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 630,000 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 Commo...