Nov 15, 2019
Private Placements Closed
Bitterroot Resources Ltd. (BTT, TSX-V) has raised gross proceeds of $85,000 from the issuance of 2,125,000 "BC Super-Flow Through" shares priced at $0.04 per share, plus gross proceeds of $35,625 from the issuance of 1,425,000 common shares priced at $0.025 per share.
All securities issued in connection with the placements are subject to a statutory hold period expiring on March 15, 2020. In connection with the offering, the Company paid a finder's fee of $560 and issued 14,000 common share purchase warrants to Echelon Wealth Partners Inc. Each warrant is exercisable into one common share of the Company at an exercise price of $0.05 for 24 months.
The Company intends to use the proceeds of the Flow-Through private placement for drilling on the Summit Zone silver and zinc-in-soil targets on the North Brenda property in southern British Columbia. Core drilling will comprise approximately 800 metres in three holes to test three separate targets which have been selected following soil sampling, geological mapping and geophysical surveys. The Company intends to use the proceeds of the private placement of common shares for working capital.
ON BEHALF OF THE BOARD OF DIRECTORS OF THE COMPANY:
Director and CEO
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: Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. 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. Forward-looking statements in this press release include but are not limited to the final approval of the TSX Venture Exchange and the Company’s planned use of the proceeds of the Private Placements. Factors that could cause actual results to differ materially from those in forward-looking statements include that the Company does not receive final regulatory acceptance to the Private Placements. Accordingly the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, except as may be required by applicable securities laws. For such forward-looking statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.