Bitterroot Resources Closes First Tranche Of C$1,000,000 Private Placement
March 31, 2022
Bitterroot Resources Ltd. (symbol BTT, TSX-V) has closed the sale of 8,085,500 units for gross proceeds of C$808,500, in the first tranche of a non-brokered private placement of up to 10,000,000 units priced at C$0.10. Each unit consists of one common share and one half of a common share purchase warrant exercisable at C$0.20 for two years. The proceeds will be used to continue exploring for high-grade magmatic nickel-copper at the LM Property joint venture in Michigan and for planned drill tests on one or both of the Company’s fully-permitted gold-silver projects in Nevada, plus general working capital.
The securities issued pursuant to the financing will be subject to four-month hold period under applicable securities laws. The warrants will not be subject to an accelerated expiry provision. The Company has paid fees to qualified finders, consisting of 7 percent cash and 7 percent broker warrants.
The Company’s management also notes and applauds US President Biden’s Determination today under Section 303 of the Defense Production Act of 1950, as amended, (“the Act”), whereby the Biden Administration will promote the expansion of domestic, environmentally responsible production of strategic and critical materials, including nickel. The Act allows the Biden Administration to invest in industrial capability in order to encourage exploration, development, and mining of critical and strategic materials.
This news release does not constitute an offer or solicitation to sell any of these securities in the United States. The securities will not be registered under the United States Securities Act of 1933, as amended (“the US Securities Act”), or under any State securities laws. The securities may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S Securities Act and applicable State securities laws, or unless an exemption from such registration is available.
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: 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. 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.