MONTRÉAL, QUÉBEC--(Marketwired - Feb. 11, 2014) - Bowmore Explorations Ltd. (the "Company" or "Bowmore") (TSX VENTURE:BOW) (FRANKFURT:OB5) is pleased to announce that it has negotiated, subject to regulatory approval, a financing (the "Financing") through the London based investment group Global Resources Investment Ltd. ("GRIL") pursuant to which Bowmore will acquire 518,246 ordinary shares (the "GRIT Shares") of Global Resources Investment Trust Plc. ("GRIT"), an investment trust affiliated with GRIL, valued at 1 British Pound per GRIT Share in exchange for 6,000,000 common shares of Bowmore (the "Bowmore Shares") valued at $0.16 per Bowmore share. Bowmore will then endeavor to sell the GRIT Shares to realize cash proceeds.
GRIL advises that it has established GRIT to exploit investment opportunities in junior mining and natural resource sectors worldwide, with an investment objective to generate medium and long-term capital growth through investing in a diverse portfolio of primarily small and mid-capitalization natural resource and mining companies. GRIL has advised that GRIT is in the final stages of having its ordinary shares admitted on the main market for listed securities on the London Stock Exchange.
The proceeds from the Financing will be used for exploration work on the Company's properties and for working capital. The closing of the Financing is subject to a number of conditions including the approval of the TSX Venture Exchange and GRIT successfully listing on the London Stock Exchange. Finder's fees representing 6% of the transaction value may be payable in cash or GRIT shares, at the option of the Company and in accordance with TSX Venture Exchange policies and subject to receipt of TSX Venture Exchange approval. The Bowmore Shares will be subject to a standard four month hold period.
BOWMORE is a Canadian exploration mining company focused on precious metal exploration in Canada and Mexico. The Company trades on the TSX Venture Exchange under the symbol "BOW".
Neither 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.
Forward-looking statements: Except for statements of historical facts, all statements in this news release regarding, without limitation, the Private Placement, new project acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions actual results and future events could differ materially from those anticipated in such statements. Factors that may cause the actual results to differ materially from those in forward-looking statements include precious metal prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Please see the public filings of the Company at www.sedar.com.