Bridgeport Ventures Inc.
TSX VENTURE : BPV

Bridgeport Ventures Inc.

October 07, 2009 15:07 ET

Bridgeport Ventures Inc. Announces Completion of Initial Public Offering

TORONTO, ONTARIO--(Marketwire - Oct. 7, 2009) - Bridgeport Ventures Inc. (TSX VENTURE:BPV) ("Bridgeport") is pleased to announce that it has completed an initial public offering (the "Offering") pursuant to which it has issued an aggregate of 6,000,000 units ("Units") at a price of $0.20 per Unit to raise aggregate gross proceeds of $1,200,000, all pursuant to a final prospectus dated September 25, 2009. Each such Unit consists of one common share of Bridgeport and one share purchase warrant (a "Warrant"), each such Warrant entitling the holder thereof to acquire one additional common share of Bridgeport at an exercise price of $0.50 until October 7, 2014. Toll Cross Securities Inc. (the "Agent") acted as agent in the Offering, in connection with which it received an aggregate of 420,000 compensation warrants, each such compensation warrant entitling the Agent to acquire one Unit at an exercise price of $0.20 per Unit until April 7, 2011. The Agent elected to receive an aggregate of 180,000 Units in satisfaction of $36,000 of commission to which it was entitled in connection with the Offering, with the balance of $48,000 of such commission payable in cash. Following the completion of the Offering, Bridgeport has 14,225,000 common shares issued and outstanding. Trading of the common shares and Warrants of Bridgeport on the TSX Venture Exchange is anticipated to commence at the opening of business on Friday, October 9, 2009. The common shares of Bridgeport will trade under the symbol "BPV", and the Warrants will trade under the symbol "BPV.WT".

Bridgeport is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of nickel and other minerals. Bridgeport currently holds a 100% interest, subject to a net smelter return royalty ranging between 1% and 2%, in the property known as the McCart Property comprised of five mineral claims covering an area of approximately 534 hectares located near Timmins, Ontario.

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.

Contact Information

  • Bridgeport Ventures Inc.
    Mr. Steven Mintz
    President and Chief Executive Officer
    (416) 864-0578