July 18, 2016 13:30 ET
TORONTO, ONTARIO--(Marketwired - July 18, 2016) - Black Widow Resources Inc. (TSX VENTURE:BWR) ("Black Widow" or the "Company") announces an extension to the previously announced financing and that it has increased the amount of the non-brokered financing for up to Cdn$300,000 from the previously announced $250,000. As disclosed in a press release issued on June 29th, 2016 a first closing of this financing raised Cdn$100,000. The aggregate offering is for the issuance of up to 6 million ("Units") at a price of Cdn $0.05 per Unit for aggregate gross proceeds of up to Cdn$300,000 (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 twenty-four (24) 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 $0.075 per Warrant Share during the first twelve (12) months then at $0.10 per Warrant Share for the remaining twelve (12) months. The Company anticipates closing additional tranches over the next few weeks up to the maximum amount of the Offering.
The proceeds from the Offering will be used for general corporate purposes, a portion of which is related to ongoing investigations as well as agreement preparation pertaining to the non-binding Letter of Intent for the acquisition of the Little Stull Lake Gold project acquisition from Puma Exploration Inc. as reported in a press release issued on July 11, 2016.
Black Widow is a public company (TSX Venture: BWR) focused on exploring early stage projects for base and precious metals. Management of Black Widow includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector. There are currently 34,409,961 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.
For more information about Black Widow please visit our website: www.blackwidowresources.com.
Black Widow Resources Inc.Neil Novak, P.Geo.President, CEO & DirectorSuite 1000 - 36 Toronto St., Toronto, ON M5E 2C5416firstname.lastname@example.org
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