Berkwood Closes First Tranche of Private Placement
29 April 2014 - 10:27PM
Access Wire
Vancouver, BC / ACCESSWIRE / April
29, 2014 / Berkwood Resources
Ltd. (TSX-V: BKR) ("Berkwood" or
the "Company") is pleased to announce the closing of
the first tranche of its previously announced non-brokered private
placement offering (the "Offering") (see the Company's news release
dated March 21, 2014 for further information respecting the
Offering). Under the first tranche, the Company issued 4,219,000
non-flow-through units ("Non-Flow-Units") at $0.06 per
non-flow-through unit and 3,619,000 flow-through units
("Flow-Through
Units") at $0.06 per flow-through unit, for aggregate
gross proceeds of $470,280.
Each non-flow through unit and
flow through unit consists of one common share (non-flow through or
flow through, as the case may be) and one-half of one common share
purchase warrant. Each full warrant entitles the holder to purchase
one additional non-flow-through common share of the Company at
$0.10 per share for a period of two years from the date of
issuance.
The
proceeds from the Offering will be used for exploration programs,
acquisitions and general working capital. The Company will use the
gross proceeds from the sale of the flow-through shares for
Canadian exploration expenses ("CEE"), within the meaning of the Income Tax Act
(Canada), with the Company using its
commercial best efforts to ensure that such CEE qualify as a
"flow-through mining expenditures" for the purposes of the
Income Tax Act
(Canada), related to the exploration of
the Company's mineral exploration projects located in
Canada.
Finder's
fees of $7,046.40 in cash and 290,800 non-flow through units were
paid in accordance with the policies of the TSX Venture Exchange.
The shares and warrants issued by the Company are subject to a four
month hold period, which expires on August 26, 2014.
About Berkwood
Resources:
Berkwood has an option to earn a
100% interest in the Lac Gueret
East Graphite Property, located in northeastern Quebec. The
Lac Gueret East Graphite
Property is adjacent to the
eastern boundary of Mason Graphite's advanced Lac Gueret Property
which has a NI 43-101 compliant mineral resource estimate with
measured & indicated mineral resources of 50 million tonnes
grading 15.6% Cgr (including 6.6 million tonnes grading 32.4% Cgr).
Berkwood's Lac Gueret East Graphite
Property shares a similar geological environment to Mason
Graphite`s Lac Gueret Property including along strike stratigraphic
units and structures.
Berkwood
holds a 100% interest in the Prospect Valley Gold
Property near Merritt, BC. Several areas of gold mineralization have been
identified on the 10,871 Ha property. The majority of historic
drilling has taken place in the centre of the claim block along the
Discovery Trend. This drilling has outlined an extensive low grade
epithermal gold system with indications of potential for additional
and higher grade mineralization. The system remains open for
expansion and other known zones of gold mineralization have yet to
be drilled (see Berkwood news release dated January 25, 2012, for
details).
To view
details, maps and photos of Berkwood's properties please click the
following link:
http://www.berkwoodresources.com/properties.html.
If you are not currently on
the Berkwood Resources email list, please visit our website by
clicking here to opt-in to the list:
http://www.berkwoodresources.com/contact.html.
The Company will send out regular updates and news releases to
everyone who asks to be on the list.
For
additional information please contact:
Karim Sayani, Corporate
Communications
Tel: (604) 662-7455
E-mail: karim@berkwoodresources.com
Tom Steer, Corporate
Development
Tel: (604) 681-7455
E-mail: tomsteer@berkwoodresources.com
On Behalf of Berkwood Resources
Brian Buchanan, President and
Director
This
Berkwood News Release contains certain "forward-looking" statements
and information relating to Berkwood that are based on the
beliefs of Berkwood's management
as well as assumptions made by and information currently available
to Berkwood's management. Such statements reflect the current risks, uncertainties
and assumptions related to certain factors including, without
limitation, competitive factors, general economic conditions, relationships with
strategic partners, governmental regulation and supervision, seasonality,
technological change, changes in industry practices, and one-time
events. Should any one or more of these risks or uncertainties materialize, or should
any underlying assumptions prove incorrect, actual results and
forward-looking statements may vary materially from those described
herein. Except as required by law, Berkwood does not assume the
obligation to update any forward-looking statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
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