Bowmore Closes First Tranche of Private Placement
June 16 2014 - 5:58PM
Marketwired
Bowmore Closes First Tranche of Private Placement
MONTREAL, QUEBEC--(Marketwired - Jun 16, 2014) - Bowmore
Exploration Ltd. (TSX-VENTURE:BOW) ("Bowmore" or the "Company") has
closed the first $270,000 tranche of a non-brokered flow-through
private placement (the "Placement") with Canadian investors to
raise up to $375,000 by way of the issuance of up to 2,500,000
units (the "Units") at a price of $0.15 per Unit. Each Unit is
comprised of one flow-through common share and one-half of one
common share purchase warrant. Each whole warrant entitles the
holder thereof to purchase one non-flow-through common share of
Bowmore at a price of $0.20 each until December 13, 2015.
The Company paid a finder's fee (a) in cash of $6,000
(representing 6% of gross proceeds in respect of the subscriptions
placed by finders) and (b) of 40,000 share purchase warrants
("Finder's Warrants") (representing 6% of the Units placed by
finders), with each Finder's Warrant entitling the holder thereof
to purchase one common share of Bowmore at a price of $0.15 each
until December 13, 2015.
Robert Wares, a director of the Company, and Paul Dumas,
President, CEO and a director of the Company, subscribed for
1,000,000 Units and 66,667 Units respectively. The Company relied
upon the exemptions from the valuation and minority shareholder
approval requirements of Multilateral Instrument 61-101 contained
in section 5.5(b) and 5.7(b), respectively, with respect to the
issuance of Units to the insiders.
The gross proceeds raised from the Placement are to be used to
incur Canadian exploration expenses on the Company's
Newfoundland-based properties.
All securities issued pursuant to the Placement are subject to a
four month hold period expiring on October 13, 2014.
About BOWMORE
BOWMORE is a Canadian exploration mining company focused on
precious metal exploration in Canada and Mexico. The Company trades
on the TSX Venture Exchange under the symbol "BOW". For further
information on BOWMORE, visit www.bowmorexploration.com
Neither 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.
Paul DumasPresident & CEOBOWMORE Exploration Ltd.(514)
861-4441Email:info@bowmorexploration.comChristina LalliCorporate
CommunicationsBOWMORE Exploration Ltd.(514) 865-8223Email:
clalli@bowmorexploration.comwww.bowmorexploration.com
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