|September 08, 2016|
Unit Financing Increased
|Michael Carr, CEO and Director of Bitterroot Resources Ltd. ("Bitterroot" or the "Company", symbol BTT, TSX-V) announces that the Company's previously planned non-brokered private placement (4,000,000 units priced at C$0.20) has been increased in size to 4,900,000 units priced at C$0.20, for gross proceeds of C$980,000. The terms of the units remain unchanged. Each unit consists of one common share and one half of a common share purchase warrant. Each full warrant will be exercisable at C$0.30 for a period of 24 months. The proceeds will be used to fund drilling on the Company's Hackberry Silver Project in Arizona and for working capital.
Bitterroot will also issue up to 1,000,000 Flow-Through common shares priced at C$0.22, for gross proceeds of C$220,000, in a non-brokered private placement. The terms of the Flow-Through share offering are unchanged. The proceeds will be used to fund drilling on the Company's North Brenda (BC) gold-silver project.
A finders' fee of 6 per cent cash and 6 per cent share purchase warrants (broker warrants), exercisable on the same terms as the private placement warrants, will be paid to third party finders.
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.