Mr. Jon Bridgman reports
BIRD RIVER ANNOUNCES CLOSING OF 3RD TRANCHE OF COMMON SHARE FINANCING FOR GROSS PROCEEDS OF APPROXIMATELY $603,631 AND EARLY WARNING DISCLOSURE
Bird River Resources Inc. has closed a third tranche of a non-brokered best efforts private placement financing of common shares in the capital of the company for aggregate gross proceeds of $603,631.68, together with the previously announced two tranches closing of the offering, totalling $1,678,447.44.
All currency references in the news release are in Canadian currency unless otherwise noted.
The offering consisted of the issuance of 7,545,396 common shares at a price of eight cents per common share. No finders' fees or commissions were paid in connection with the offering. The gross proceeds of the offering will be used for general corporate and working capital requirements of the company.
The common shares were issued by way of a private placement pursuant to exemptions from prospectus requirements under applicable securities laws. The securities issued pursuant to the offering are subject to resale restrictions, including a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.
Early warning disclosure
In connection with the offering, Eggs Holdings LLC (the subscriber) acquired 6,776,346 common shares pursuant to a subscription agreement entered into between the subscriber and the company. The acquired shares beneficially held by the subscriber represents approximately 12.89 per cent of the issued and outstanding shares on a non-diluted basis.
The subscriber acquired the common shares pursuant to the offering for investment purposes and intends to review its investment in the company on a continuing basis. Depending upon a number of factors including market and other conditions, the subscriber may from time to time increase or decrease its beneficial ownership, control, direction or economic exposure over securities of the company.
This news release is being issued under the early warning provisions of Canadian securities legislation. An early warning report will be electronically filed with the applicable securities commission in each jurisdiction where the company is reporting and will be available on SEDAR+.
About Bird River Resources Inc.
Bird River is a Winnipeg, Manitoba-based, resource company focused on advancing quality mineral exploration and development properties. The company currently holds a net royalty smelter interest in a platinum palladium property in the Bird River Sill area of northeastern Manitoba near the Ontario border.
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