Bridgeport Ventures Inc.
TSX VENTURE : BPV

Bridgeport Ventures Inc.

December 02, 2009 10:44 ET

Bridgeport Ventures Inc. Announces Closing of Private Placement to Raise Approximately $12.6 Million

TORONTO, ONTARIO--(Marketwire - Dec. 2, 2009) -

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Bridgeport Ventures Inc. (TSX VENTURE:BPV)("Bridgeport" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement financing, pursuant to which it has issued an aggregate of 12,590,000 units ("Units") at a price of $1.00 per Unit to raise aggregate gross proceeds of $12,590,000. Each Unit consists of one common share of Bridgeport and one share purchase warrant (a "Warrant"), each Warrant entitling the holder to acquire one additional common share of Bridgeport until December 1, 2012 at an exercise price of $1.50 per share. All securities issued in connection with the financing are subject to a statutory hold period expiring on April 2, 2010.

Hugh Snyder, Chairman of Bridgeport, stated: "We exceeded our expectations and raised over $12,000,000 to fund the continued gold-copper exploration and development of our Rosario property in Chile. Proceeds from this financing may also be earmarked to identify and prospect other high quality copper-gold properties in the Latin American region, and for general corporate purposes."

In connection with the private placement, Bridgeport has paid finder's fees in the aggregate amount of $503,400 to certain qualified registrants assisting in the offering, and issued an aggregate of 521,200 compensation warrants ("Compensation Warrants") to such finders. Each Compensation Warrant entitles the holder to acquire one common share of Bridgeport at an exercise price of $1.00 per share for a period of one year from the date of issuance.

The private placement remains subject to the final approval of the TSX Venture Exchange.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Bridgeport, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with mining activities, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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.

Contact Information

  • Bridgeport Ventures Inc.
    Mr. Hugh Snyder
    Chairman
    (416) 350-2356