VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 21, 2016) - Strongbow Exploration Inc. (TSX VENTURE:SBW) is pleased to announce that it has closed a third and final tranche of the non-brokered private placement announced November 7, 2016. On December 21, 2016, the Company issued 1,560,000 units at $0.15 for gross proceeds of $234,000; paid a cash finder's fee of $7,500 and issued 50,000 finder's warrants. Proceeds of the financing will be used for general working capital and for the advancement of the South Crofty tin project in Cornwall, UK.
The Company closed this financing in three tranches between November 23rd and December 21st, raising in total $2,202,400 from the issuance of 14,682,666 units at $0.15 per unit. Each Unit consists of one common share and one whole share purchase warrant (the "Subscriber Warrant"). Each Subscriber Warrant allows the holder to purchase one common share of Strongbow at a price of $0.20 for a period of 24 months from the closing date of the financing, subject to the acceleration right described below. All securities issued as part of this private placement and any securities issuable upon exercise of the warrants will be subject to a four month hold period. Strongbow paid cash commissions totalling $47,013 and issued 303,416 finder's warrants, exercisable on the same terms as the Subscriber Warrants. The finder's warrants will expire 24 months from each closing date.
If on any 20 consecutive trading days the closing price of the Company's common shares (or the closing bid, if no sales were reported on a trading day) as quoted on the TSXV (or such other stock exchange, quotation system or market on which such shares are then listed) is greater than $0.50 during the term of the Warrants, then the Company may accelerate the expiry date of the Warrants to the 30th day after the date on which the Company gives notice to the subscriber of such acceleration in accordance with the Warrant. Any Warrants not exercised on or before such 30th business day will expire and will no longer be exercisable to acquire shares.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard D. Williams, P.Geo
Neither the 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.