TORONTO, ONTARIO--(Marketwired - Dec. 22, 2015) - Black Widow Resources Inc. (TSX VENTURE:BWR) ("Black Widow" or the "Company") announces that it completed a non-brokered private placement offering of 700,000 ("Units") at Cdn $0.05 per Unit for aggregate gross proceeds of Cdn$35,000 (the "Offering"). Each Unit consists of 1 common share (a "Common Share") of the Company plus one purchase warrant (a "Warrant") of the Company for each share purchased. Each Warrant will expire eighteen (18) months from the date of issue (the "Warrant Expiry Date") and will entitle the holder thereof to purchase one Common Share (a "Warrant Share") at a price of $0.10 per Warrant Share.
Neil Novak, President, CEO and a Director of BWR (an insider of BWR) participated in this Offering by subscribing for 140,000 Units. All securities issued under the Offering are subject to a four-month statutory hold period in Canada, which hold period will expire on April 23, 2016.
The proceeds from the Offering will be used for general corporate purposes.
Black Widow is a public company (TSX VENTURE:BWR) focused on exploring for base and precious metals, with exploration projects in Northern Ontario, and more recently in Northern Quebec, Canada. Management of Black Widow includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector. After the placement announced in this release there are currently 32,409,961 shares issued in Black Widow.
Neither the Toronto Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
