BWR Exploration Inc. Closes First Tranche of Private Placement
BWR Exploration Inc. Closes First Tranche of Private Placement
October 11, 2019
Toronto, Ontario – BWR Exploration Inc. (TSXV:BWR) (“BWR” or the “Company”) is pleased
to announce the closing of the first tranche (the “Closing”) of the previously announced non-
brokered private placement (the “Offering”) for aggregate gross proceeds of $146,000 on
September 30 , 2019 , through the purchase of 3,000,000 Units consisting of 3,000,000
common shares (“Common Shares”) plus 1,500,000 warrants, issued in connection with the
Closing.
As previously announced, each Unit consists of 1 Common Share, plus one half of one
common share purchase warrant (a “Warrant”) of the Company. Each Full Warrant will
expire 36 months from the date of issue (the “Full Warrant Expiry Date”) and will entitle
the holder thereof to purchase one Common Share (a “Full Warrant Share”) at a price of
$0.075 per Full Warrant Share within 24 months from the date of issue and for the period
that is for 24 months plus one day from the date of issue until the Full Warrant Expiry Date
at a price of $0.10 per Full Warrant Share.
All securities issued have a hold period of 4 months plus one day, which expires on January
31, 2020 pursuant to the Closing.
The gross proceeds raised were $150,000, however, a s previously announced the Unit
Offering was for aggregate proceeds of up to $300,000, t he remaining available Units
related to the Offering is 3,000,000 Units equating to $ 150,000 that remains open and
available. The Company has elected to complete a further closing on or before October 25,
for all, or a portion of the above residual amount.
While the Unit Offering was effected by the Company on a non-brokered basis, the Company
paid fi nder’s fees to arm’s -length third parties consisting of: $4,000 cash commission
representing 8% of the gross proceeds of the Unit Offering raised by the Broker; and (ii)
80,000 broker warrants (“Broker Warrants”) representing an amount up to 8% of the total
number of Units issued under the Unit Offering. Each Broker Warrant will entitle the holder
thereof to purchase one Common Share of the Company at the Exercise Price of $0.075 for
24 months from the date of issue.
The proceeds from the Offering will be used for general corporate purposes, 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 o f
BWR includes an accomplished group of exploration/mining specialists with many decades
of operational experience in the junior resource sector in Canada and abroad. Prior to this
financing there were 68,202,461 shares issued in BWR; subsequent to the closing there are
71,202,461 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 or call/email:
Neil Novak, P.Geo., President, CEO & Director,
BWR Exploration Inc.
82 Richmond St. E
Toronto, ON M5C 1P1
Office (416) 848 6866
For additional information regarding BWR please contact:
Carl Desjardins, Paradox Investor Services Inc.
Cell: 514-618-4477