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Berkwood Resources Ltd. ("Berkwood" or "the Company") is pleased to announce that it has closed a non-brokered private placement of five million units at 8 cents per unit for gross proceeds of $400,000. Each unit consists of one common share and one common share purchase warrant. Each warrant shall entitle the holder to purchase one additional common share of the Company at 12 cents for three years, expiring December 14, 2014. The securities issued are subject to a hold period expiring April 14, 2012. The proceeds will be used for the acquisition of properties, exploration programs and general working capital. A finder's fee was paid in accordance with the policies of the TSX Venture Exchange.
The Company, pursuant to its incentive stock option plan, has granted stock options to certain directors, officers and consultants to purchase up to 786,750 common shares of the company, exercisable for a period of five years at a price of 12.5 cents per share.
About Berkwood Resources Ltd.
The Company currently holds a 100% interest in the Prospect Valley Gold Property in Merritt, BC. The 10,790 hectare property is only 30km south of the world class Highland Valley Copper Mine, and in close proximity to the Craigmont Mine. To date, several areas of interest have been identified in the claim block. The majority of the drilling has taken place in the centre of the claim block along a prominent north-northeast trending linear zone that includes the Discovery South Zone, the Discovery North Zone, and the NE Extension Zone. The project is currently in advanced stages of exploration. On July 20, 2009, the Company entered into a two stage Option Agreement on the property with Altair Ventures Incorporated (TSX-V: AVX) of Vancouver, BC.
The Company has a 100% interest in the Cimandiri Gold Property in Indonesia, located approximately 120km south of Jakarta, approximately 3 hours driving time. The property sits at an elevation ranging from 700m - 900m above sea level. Railway lines are nearby, with the closest rail station located only 8km from the property. The project is located approximately 9km southwest of the open pit Cikondang Gold Mine. Berkwood has carried out initial mapping and geochemical sampling during the first 6 months of exploration at the Cimandiri prospect, and will report future material results of work, in conformity with NI43-101 standards, as they are received.
If you are not currently on the Berkwood Resources updates list, please contact Karim Sayani, Corporate Communications at 604-662-7455, or click here to opt in to the list online: http://www.berkwoodresources.com/contact.html. For additional information please visit the Berkwood website at www.berkwoodresources.com.
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