18:10:20 EDT Thu 28 Mar 2024
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or Name
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CA



Puma Exploration Inc (2)
Symbol PUMA
Shares Issued 27,609,972
Close 2019-10-30 C$ 0.125
Market Cap C$ 3,451,247
Recent Sedar Documents

BWR closes $63,000 second tranche of financing

2019-10-30 15:52 ET - News Release

See News Release (C-BWR) BWR Exploration Inc

Mr. Neil Novak of BWR reports

BWR EXPLORATION INC. ANNOUNCES CLOSING OF SECOND TRANCHE OF PRIVATE PLACEMENT AND ISSUANCE OF COMMON SHARES TO PUMA EXPLORATION INC.

BWR Exploration Inc. has closed the second tranche of the previously announced non-brokered private placement for aggregate gross proceeds of $63,000 on Oct. 30, 2019, through the purchase of 1.26 million units consisting of 1.26 million common shares plus 630,000 warrants, issued in connection with the closing. The offering is now closed, pursuant to approval of an extension by the TSX Venture Exchange allowing the company to close this second tranche of the offering today.

As previously announced, each unit consists of one common share plus one-half of one common share purchase warrant of the company. Each full warrant will expire 36 months from the date of issue and will entitle the holder thereof to purchase one common share at a price of 7.5 cents 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 10 cents per full warrant share.

Together, the total proceeds raised from the offering, including the closing of the first tranche announced on Sept. 30, 2019, have resulted in aggregate gross proceeds of $213,000 through the purchase of 4.26 million units.

All securities issued have a hold period of four months plus one day, which expires on March 1, 2020, pursuant to the closing.

While the unit offering was effected by the company on a non-brokered basis, the company paid finder's fees to an arm's-length third party, Leede Jones Gable, consisting of $3,200 cash commission representing 8 per cent of the gross proceeds of the unit offering raised by the broker and 64,000 broker warrants representing an amount up to 8 per cent 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 7.5 cents 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.

The company will also issue 950,000 common shares to Puma Exploration Inc. in connection with its obligations under an agreement with Puma dated Oct. 5, 2016, as amended Oct. 9, 2019. The company will issue 50,000 common shares to Denis Amoroso as successor to Services Miniers Lemco Inc. in connection with a finder's fee payable under the agreement, resulting in a total transfer of one million common shares pursuant to the agreement.

About BWR Exploration Inc.

BWR is focused on exploring for base and precious metals, with its flagship Little Stull Lake gold project in northeast Manitoba along with other exploration projects in Northern Ontario and Northern Quebec. Management of BWR includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector in Canada and abroad.

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