TORONTO, Dec. 03, 2019 (GLOBE NEWSWIRE) -- BWR Exploration Inc. (TSX.V: BWR) (“BWR” or the “Company”) announces that it has initiated a non-brokered, flow through unit offering (the “Flow Through Unit Offering”) of up to 4,000,000 units (the “Units”) set out below at a price of $0.05 per Unit. Each Unit will consist of one common flow through share (a “Flow Through Common Share”) of the Company. The Flow Through Unit Offering is for aggregate proceeds of up to $200,000.
While the Flow Through Unit Offering is being effected by the Company on a non-brokered basis, the Company may pay finder’s fees to arm’s-length third parties consisting of: (i) cash commission of up to 8% of the gross proceeds of the Flow Through Unit Offering; and (ii) broker warrants (“Broker Warrants”) in an amount up to 8% of the total number of Units issued under the Flow Through 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 of the Flow Through Unit Offering will be used to advance and execute exploration programs (as defined in subsection 66.1(6) of the Income Tax Act (Canada)) on the Company’s Little Stull Lake project in Northeastern Manitoba. Such exploration expenses will also qualify as “flow-through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (Canada).
A statutory four month plus one day hold period will apply to all securities issued in connection with the Flow Through Unit Offering. The Flow Through Unit Offering is subject to TSX Venture Exchange and regulatory approval and the Company may elect to close this financing in various tranches.
BWR Exploration Inc. is a public company focused on exploring for base and precious metals, with its flagship Little Stull Lake Gold Project in NE Manitoba along with other exploration projects in Northern Ontario, and Northern Quebec, Canada. Management of BWR includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector.
There are currently 73,462,461 shares issued and outstanding in the Company.
Neither the TSX 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.
For more information about BWR please visit our website:
http://www.bwrexploration.com or call/email:
Neil Novak, P.Geo., President, CEO & Director,
BWR Exploration Inc.
82 Richmond St. E
Toronto, ON M5C 1P1
For information regarding this financing please contact:
Carl Desjardins, Paradox Investor Services Inc.