Black Widow Resources Inc. Closes on First Tranche of $1,460,000 Private Placement Financing
02 Januar 2014 - 3:00PM
Marketwired
Black Widow Resources Inc. Closes on First Tranche of $1,460,000
Private Placement Financing
TORONTO, ONTARIO--(Marketwired - Jan 2, 2014) - Black Widow
Resources Inc. (TSX-VENTURE:BWR) ("Black Widow" or the "Company")
announces the completion of the first tranche of a previously
announced (December 12, 2013) private placement where the Company'
ambition was to complete a non-brokered private placement offering
of Units ("Units") at Cdn$0.10 per Unit and flow-through units ("FT
Units") at Cdn$0.12 per FT Unit for aggregate gross proceeds of up
to Cdn$1,460,000 (the "Offering"). The first tranche totaling
$110,000 closed on December 24, 2013, the offering remains open
into 2014 at the election of the Company.
A total of 100,000 Units were purchased consisting of one common
share and one common share purchase warrant (a "Warrant"). A total
of 1,000,000 FT Units were purchased consisting of one common share
issued on a "flow-through" basis and one-half of one Warrant. Each
whole Warrant entitles the holder to acquire a further common share
of the Company at a price of $0.15 per share for the first year
from the closing of the Unit Offering, $0.20 per share for the
second year from the closing of the Unit Offering, and $0.25 per
share for the third year from the closing of the Unit Offering.
In connection with the Offering, the Company paid a finder's
fees consisting of: (i) $9,036.38 cash commission representing 8%
of the gross proceeds of the Offering (+HST); and (ii) 66,640
broker warrants ("Broker Warrants") representing 8% of the total
number of FT Units issued under the Offering. Each Broker Warrant
will expire 24 months from the date of issue (the "Broker Warrant
Expiry Date") and will entitle the holder thereof to purchase one
Unit of the Company at a price of $0.10 per Unit at any time up
until the Broker Warrant Expiry Date.
The proceeds from the FT Unit offering will be used to advance
and execute a drilling program on the Company's Shunsby Zinc
property, preparing it for diamond drilling and to advance
exploration on the Company's other properties. The net proceeds
from the Unit offering will be used for general corporate
purposes.
All securities issued under the Offering are subject to a
four-month statutory hold period in Canada. For more information on
the Company and to see a copy of the term sheet and the investors
presentation in connection with this Offering please go to the
Company's web page at www.blackwidowresources.com.
About Black Widow Resources
Black Widow is a newly listed public company (TSX-VENTURE:BWR)
focused on exploring for base and precious metals, with exploration
projects in Northern Ontario, Canada. Management of Black Widow
includes an accomplished group of exploration/mining,
administrative and legal specialists with many decades of
operational experience in the junior resource sector. Prior to this
closing there were 22,581,856 shares issued in Black Widow.
Neither the Toronto 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 release.
For more information about Black Widow please visit our website:
www.blackwidowresources.com.
Black Widow Resources Inc.Neil Novak, P.Geo.President, CEO &
Director416-203-8636info@blackwidowresources.comwww.blackwidowresources.comCHF
Investor RelationsJeanny SoDirector of Operations416-868-1079 ext.
225jeanny@chfir.com
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