September 25, 2017 / JMN Wire / Bitterroot Resources Ltd. (BTT, TSX-V) has closed a non-brokered private placement of 5,331,000 units priced at C$0.20 for gross proceeds of C$1,066,200, plus 999,500 flow-through common shares priced at C$0.22 for gross proceeds of C$219,890.
Each unit consists of one common share and one half of a common share purchase warrant, exercisable at C$0.30 until September 19, 2019. The warrants are subject to accelerated exercise provisions if Bitterroot’s shares trade on the TSX Venture Exchange at C$0.50 for greater than 20 consecutive trading days. Finder’s fees paid in conjunction with the private placement consist of C$49,445.40 in cash, plus the issuance of 277,830 broker warrants exercisable at C$0.30 until September 19, 2019.
The common shares, plus any common shares acquired through the exercise of warrants or broker warrants are subject to a hold period expiring January 19, 2018. The proceeds of the unit financing will be used to fund drilling on the Company’s Hackberry Silver project and for working capital. The proceeds of the flow-through share financing will be used to fund drilling on the Company’s North Brenda gold/silver project. Additional information on the Company’s projects is available on www.bitterrootresources.com and on www.sedar.com.
