|May 02, 2019|
Private Placement - Terms Amended
|Bitterroot Resources Ltd.'s (BTT, TSX-V) management has amended the price of its previously announced non-brokered private placements. The placement now consists of 7,000,000 units priced at $0.05 per unit, consisting of one common share and one half of a common share purchase warrant exercisable at $0.11 for 2 years, for gross proceeds of approximately $350,000. Proceeds will be used for working capital and a planned precious metals property acquisition in Nevada.
Concurrent with the unit financing, the Company's management also plans to complete a non-brokered private placement of 3,500,000 "BC Super-Flow Through" shares which are now priced at $0.07, for gross proceeds of $245,000. Proceeds will be used mainly for drilling and geophysical surveys on the Summit Zone carbonate replacement targets on the North Brenda property in southern British Columbia.
SUMMIT ZONE CARBONATE REPLACEMENT (CRD) TARGETS
The Summit Zone is a zinc, arsenic, molybdenum and silver-in-soil geochemical anomaly within a 1.2 km x 0.5 km area underlain by folded Nicola Group carbonate-bearing sediments which are cut by younger granitic intrusions and overlain by thin glacial till. The project area contains many logging roads and cut blocks and is crossed by a major powerline, as well as Highway 97C. Geophysical surveying and drilling of the Summit Zone is planned for the summer of 2019, following consultation with the Westbank First Nation and BC Ministry of Energy, Mines and Petroleum Resources. Additional information on the Summit Zone CRD targets can be found in the slide presentation posted on the Company's website, www.bitterrootresources.com.
The Qualified Person, as defined in NI 43-101, responsible for the technical content of this news release is Jeffrey D. Rowe, P.Geo.
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.