BWR Exploration Inc. Announces Two Non-Brokered Offerings of Flow-Through and Super Flow-Through Units in Manitoba and Quebec...
March 19 2021 - 9:00AM
BWR Exploration Inc. (TSX.V: BWR) (“
BWR” or the
“
Company”) announces that it has initiated two
simultaneous non-brokered unit offerings, including an offering in
Quebec (the “
Quebec Unit
Offering”) of up to 4,000,000 units, and an offering in
Manitoba (the “
Manitoba Unit Offering”, together
with the Quebec Unit Offering, the “
Offerings”) of
up to 6,000,000 units (collectively, the “
Units”)
set out below at a price of $0.05 per Unit. Each Unit will consist
of one common share (a “
Common Share”) of the
Company and one-half Common Share purchase warrant. Two one-half
Common Share purchase warrants comprise one Common Share purchase
warrant (a “
Full 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 closing of the Unit Offering and for the period
that is for 24 months plus one day from closing of the Unit
Offering until the Full Warrant Expiry Date at a price of $0.10 per
Full Warrant Share. The Manitoba Unit Offering is for aggregate
proceeds of up to $300,000. The Quebec Unit Offering is for
aggregate proceeds of up to $200,000, resulting in aggregate
proceeds of up to $500,000 from the Offerings.
While the Offerings are being effected by the
Company on a non-brokered basis, the Company may pay finder’s fees
to arm’s-length third parties consisting of: (i) cash commission of
up to 8% of the gross proceeds of the Offering; and (ii) broker
warrants (“Broker Warrants”) in an amount up to 8%
of the total number of Units issued under the 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 12 months
from the date of issue.
The proceeds of the Manitoba Unit Offering will
be used to advance and execute exploration programs (as
defined in subsection 66.1(6) of the Income Tax Act (Canada)) on
the Company’s Little Stull Lake project in Northeastern Manitoba.
Such exploration expenses will also qualify as “flow-through mining
expenditures” as defined in subsection 127(9) of the Income Tax Act
(Canada). Investors resident in Manitoba may claim tax credits
under the Income Tax Act (Manitoba).
The proceeds of the Quebec Unit Offering will be
used to advance and execute exploration programs (as
defined in subsection 66.1(6) of the Income Tax Act (Canada)) on
the Company’s Vendome Sud project in Northwestern Quebec. Such
exploration expenses will also qualify as “flow-through mining
expenditures” as defined in subsection 127(9) of the Income Tax Act
(Canada). Investors resident in Quebec may claim additional tax
deductions under Quebec’s Taxation Act.
A statutory four month plus one day hold period
will apply to all securities issued in connection with the
Offerings. The Offerings are subject to TSX Venture Exchange and
regulatory approval and the Company may elect to close both or any
of the financings in various tranches.
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. There are currently
89,502,461 shares issued and outstanding in the Company.
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 more information about BWR 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: 416-848-6866nnovak@bwrexploration.com
For information regarding this financing please
contact:Carl Desjardins, Paradox Investor Services Inc.Cell:
514-618-4477carldesjardins@paradox-pr.ca
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