Press release from Marketwire
BOWMORE Announces Private Placement
Friday, December 20, 2013
BOWMORE Announces Private Placement16:00 EST Friday, December 20, 2013
MONTRÉAL, QUÉBEC--(Marketwired - Dec. 20, 2013) - BOWMORE Exploration Ltd. (TSX VENTURE:BOW) (the "Company") is pleased to announce that it has negotiated, subject to regulatory approval, a non-brokered private placement (the "Private Placement") for total gross proceeds of up to $600,000 (the "Private Placement"). The Private Placement will consist of up to 4,615,385 units (the "Units") at a price of $0.13 per Unit, each Unit consisting of one common share to be issued and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one common share of the Company for a period of twenty four (24) months at an exercise price of $0.20 per share.
Approximately 35% of the Units will be acquired by insiders of the Company and related party members and the remaining Units by other accredited investors. The Company has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the securities to the insiders and related party members. No new insiders are anticipated to be created, nor will there be any change of control as a result of the Private Placement.
The proceeds from the Private Placement will be used for exploration work on the Company's Quebec and Newfoundland based properties. Closing of the Private Placement is subject to TSX Venture Exchange approval. The securities issued will be subject to a standard four month hold period.
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 the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historical facts, all statements in this news release regarding, without limitation, the Private Placement, new project acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions actual results and future events could differ materially from those anticipated in such statements. Factors that may cause the actual results to differ materially from those in forward-looking statements include precious metal prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Please see the public filings of the Company at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Paul A. Dumas
President & CEO
BOWMORE Exploration Ltd.
(514) 861 4441
BOWMORE Exploration Ltd.