|May 24, 2019|
Private Placement - First Tranche Closed
|Bitterroot Resources Ltd. (BTT, TSX-V) has closed the first tranche of its previously announced non-brokered private placements, having received gross proceeds of C$139,400 from the sale of units and flow-through shares. In the first tranche, the Company sold 1,928,000 units priced at $0.05 per unit for proceeds of C$96,400. Each unit consists of one common share and one half of a common share purchase warrant exercisable at $0.11 for 2 years. The Company has also sold 628,571 Flow Through shares priced at $0.07 for proceeds of C$43,000. A second closing is planned within the next few weeks. |
Proceeds of the first tranche are being used to fund geophysical surveys (gravity and IP) to refine drill targets on the Summit Zone carbonate replacement targets on the North Brenda property in southern British Columbia, and for working capital.
The Summit Zone is a road-accessible zinc, 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. Additional information on the Summit Zone carbonate replacement 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.