TORONTO, ONTARIO--(Marketwired - April 10, 2017) - BWR Exploration Inc. (TSX VENTURE:BWR) ("BWR") announces that on April 6, 2017 it closed the second tranche of the previously announced non-brokered private placement. (For details, see our press release dated February 15, 2017 and March 30, 2017). This closing raised additional gross proceeds of $36,000, of which 600,000 Flow-Through units were subscribed. All issued units have a hold period of 4 months plus one day, making them available for trading on August 7, 2017.
Cash commission totaling $2,880 was paid to a registered broker on the basis of 8% of the value of the private placements by clients. In addition 48,000 Broker Warrants were issued to a registered broker on the basis of 8% of number of units subscribed for by clients. Each broker warrant entitles the holder to purchase a common share of BWR for a period of 24 months from the date of issuance at a price per share of $0.10.
As previously announced $583,275 was raised on March 28, 2017 of which $219,000 was Flow Through and the remaining $364,275 was Non-Flow Through. The additional amount raised in this second tranche brings the total Flow Through raise to $255,000 representing 4,250,000 units (4,250,000 common shares at $0.06/share plus 2,125,000 warrants exercisable at $0.10 for 24 months). The Non-Flow Through raise of $364,275 represents 7,285,500 units where each unit consists of one common share at $0.05/share and one warrant exercisable at $0.075 for 24 months. The proceeds from the flow-through portion of the Offering will be used for qualified exploration expenditures in Canada, with a focus on the Little Stull Lake Gold project located in Northeastern Manitoba. The Non Flow Through portion of the Offering will be used for general corporate purposes.
BWR Exploration Inc. is a public company focused on exploring for base and precious metals, with its flagship Little Stull Lake Gold Project in NE Manitoba along with other exploration projects in Northern Ontario, and Northern Quebec, Canada. Management of BWR includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector. Prior this financing there were 55,127,461 shares issued in BWR; subsequent to the closing there are 55,727,461 shares issued.
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 information about BWR Exploration Inc. please visit our website: www.bwrexploration.com