MONTRÉAL, QUÉBEC--(Marketwired - May 20, 2016) - Bowmore Exploration Ltd. (the 'Company' or 'Bowmore') (TSX VENTURE:BOW)(FRANKFURT:0B5) is pleased to announce that it has closed its non-brokered private placement (please refer to the Company's news release of March 17, 2016) in the amount of $737,500 (the 'Placement') with Canadian investors. The Placement raised $350,000 by way of the issuance of 5,000,000 units (the 'Units') at a price of $0.07 per Unit and $387,500 by way of the issuance of 3,875,000 flow-through units (the 'Flow-Through Units') at a price of $0.10 per Flow-Through Unit. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant (a 'Warrant') entitling the holder to acquire one additional common share of the Company (a 'Warrant Share') for a period of twenty four (24) months (until May 20, 2018) at an exercise price of $0.15 during the first twelve months and $0.20 thereafter per Warrant Share. Each Flow-Through Unit is comprised of one flow-through common share and one half of a Warrant.
Robert Wares, a director of the Company; Paul Dumas, President, CEO and a director of the Company; and Martin Nicoletti, CFO of the Company, each subscribed to the Placement. The Company relied upon the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 contained in section 5.5(b) and 5.7(b), respectively, with respect to the issuance of Units and Flow-Through Units to the aforementioned insiders.
A finder's fee of $15,600.60 in cash (representing 6% of gross proceeds raised from two investors) and 158,580 finder share purchase warrants (representing 6% of the number of Units and Flow-Through Units issued to such investors) ('Finder's Warrants') were paid and issued to finders. Each Finder's Warrant entitles the holder thereof to purchase one common share of the Company (a 'Finder's Share') at an exercise price of $0.15 per Finder's Share for a period of one year.
All of the gross proceeds raised from the sale of the Flow-Through Units will be used to incur Canadian exploration expenses and net proceeds raised from the sale of the Units will be used for exploration work as well as for working capital purposes.
All securities issued pursuant to the Placement are subject to a four month hold period expiring September 21, 2016.
About BOWMORE
BOWMORE is a Canadian exploration mining company focused on precious metal exploration in Canada and Mexico. The Company trades on the TSX Venture Exchange under the symbol 'BOW'.
For further information on BOWMORE, visit www.bowmorexploration.com.
Neither 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 release.
Forward-looking statements: Except for statements of historical facts, all statements in this news release regarding, without limitation, new project acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; Actual results and future events could differ materially from those anticipated in such statements.