MONTREAL, QUEBEC--(Marketwire - Dec. 28, 2012) - Bowmore Exploration Ltd. (TSX VENTURE:BOW) ("Bowmore" or the "Company") has closed a $425,000 non-brokered flow-through private placement (the "Placement") with Canadian investors consisting of 1,416,666 units (the "Units") at a price of $0.30 per Unit. Each Unit is comprised of one flow-through common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one non-flow-through common share of Bowmore at a price of $0.40 each until June 28, 2014.
The net proceeds raised from the Placement will be used for eligible Canadian exploration expenses on the Company's Quebec properties.
The Company paid aggregate finder's fees of $29,043 (representing a 7% finder's fee paid in respect of the subscriptions placed by the finders) and issued a total of 96,808 share purchase warrants ("Finder's Warrants") (representing 7% of the Units placed by the finders). Each Finder's Warrant will entitle the holder thereof to purchase one common share of Bowmore at a price of $0.40 each until June 28, 2014.
All securities issued pursuant to the Placement will be subject to a four month hold period expiring on April 29, 2013.
BOWMORE is a Canadian exploration mining company focused on precious metal exploration in Canada and Mexico. For further information on BOWMORE, visit www.bowmorexploration.com.
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.
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.