|May 01, 2012|
Bitterroot Resources Closes Sale Of Mineral Creek Claims And Financing
|Bitterroot Resources Ltd. (BTT, TSX-V) has closed the sale of the mining claims comprising its Mineral Creek Project and related data and equipment for C$1,000,000.|
In conjunction with the sale, Bitterroot Resources Ltd. has also closed a non-brokered private placement of 10,000,000 units priced at C$0.05. Each unit consists of one common share and one half of a common share purchase warrant. Each whole warrant is exercisable at C$0.10 for a period of 12 months. The common shares and any shares issued on exercise of the warrants are subject to a hold period expiring August 25, 2012.
A referral fee of 5% was paid in conjunction with the sale of the Mineral Creek claims and a finder's fee of 6% plus 600,000 warrants with the same terms as the common share purchase warrants were paid in conjunction with the private placement.
The proceeds from both the sale of the Mineral Creek Project and the private placement will be used for working capital and to fund exploration of the Company's Windy gold project in Nunavut and its Michigan properties.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
Neither 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.
FORWARD LOOKING STATEMENTS: This document contains statements about expected or anticipated future events and/or financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, regulatory processes and actions, technical issues, new legislation, competitive conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and the company's ability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.