TORONTO, ONTARIO--(Marketwired - March 30, 2017) - BWR Exploration Inc. (TSX VENTURE:BWR) ("BWR") announces that on March 28, 2018 it closed the first tranche of the previously announced non-brokered private placement. (For details, see our press release dated February 15, 2017). This closing raised gross proceeds of $583,275, of which 3,650,000 Flow-Through units and 7,285,500 Non Flow-Through units were subscribed. All issued units have a hold period of 4 months plus one day, making them available for trading on July 29, 2017. The gross proceeds raised in the Flow-Through portion of the financing was $219,000, while the amount raised in the Non Flow-Through portion of the financing was $364,275, representing an oversubscription of $164,275 or 3,285,000 units more than anticipated in the Non Flow-Through portion of the placement. The remaining available Flow-Through portion of this financing is $156,725. BWR is accepting subscriptions for Flow-Through units up to this amount until on or about April 4, 2017.
Cash commissions totaling $25,620 were paid to registered brokers on the basis of 8% of the value of the private placements by their clients. In addition 596,840 Broker Warrants were issued to registered brokers on the basis of 8% of number of units subscribed for by their 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. The proceeds from the non flow-through portion of the Offering will be used for general corporate purposes. 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.
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 44,191,961 shares issued in BWR; subsequent to the closing there are 55,127,461 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: http://www.bwrexploration.com.