Business
BWR Exploration Inc. Closes Tranche 2 of the Bridge Financing Pursuant to a Business Combination Transaction with Electro Metals and Mining Inc.
TORONTO, June 04, 2025 (GLOBE NEWSWIRE) -- BWR Exploration Inc. (BWR.V TSX.V) (“BWR ...
About this update from Bwr Exploration Inc.
[{"type":"text","content":"BWR Exploration Inc. Closes Tranche 2 of the Bridge Financing Pursuant to a Business Combination Transaction with Electro Metals and Mining Inc.\n\n\n\n TORONTO, June 04, 2025 (GLOBE NEWSWIRE) -- BWR Exploration Inc. (BWR.V TSX.V)\n \n (“BWR”)\n \n , is pleased to announce that as per the previously announced Bridge Financing regarding a proposed business combination with Electro Metals and Mining Inc. (“\n \n Electro\n \n ”), a federally registered private company, both companies have raised $240,000, surpassing the minimum aggregate amount needed as a condition of the proposed business combination as announced on December 27, 2024.\n \n\n\n\n Private Placements\n \n\n\n\n It was a condition of completion of the Transaction (as described herein) that each of each of BWR and Electro complete a unit financing to raise a minimum of $220,000 up to a combined $300,000 for immediate use for near term commitments and to advance the Transaction (the “\n \n Bridge Financings\n \n ”). BWR and Electro have raised an aggregate of $240,000.\n \n\n\n\n BWR Bridge Financing – Tranche 2\n \n\n\n\n BWR has successfully raised an additional $50,000 in its bridge financing. In the second tranche, BWR issued 2,500,000 Units, with each Unit comprised of one BWR Common Share and one BWR Warrant, at a price of $0.02 per Unit. Each BWR Warrant is exercisable into one BWR Common Share at a price of $0.05 per BWR Warrant, exercisable up to five years from the date of issuance.\n \n\n BWR announced the closing of its first tranche on February 14, 2025, raising $40,000 with the issuance of 2,000,000 Units. BWR has raised an aggregate total of $90,000.\n \n\n The Units contain a four-month and one day hold period set to expire on October 5, 2025, with the first tranche expiring on June 7, 2025. The proceeds will be used to cover costs related to the proposed business combination. No finder’s fees were paid as part of the BWR Bridge Financing in either tranche one or two.\n \n\n Certain directors and other insiders of BWR participated in the BWR Bridge Financing and subscribed for 1,250,000 Units for an aggregate price of $25,000, an amount no more than the maximum amount permissible under applicable securities laws and regulatory rules. Participation by the directors and other insiders in the BWR Brid...