News
Bitterroot Resources Sells Mineral Creek Project for US$1,000,000 and Arranges C$500,000 Unit Financing
April 23, 2012
Bitterroot Resources Ltd. (BTT, TSX-V) has agreed to sell the mineral claims comprising its Mineral Creek Project and the related data and equipment for a purchase price of US$1,000,000.
In conjunction with the sale, Bitterroot has also agreed to issue 10,000,000 units priced at C$0.05 in a non-brokered private placement to the purchaser of the Mineral Creek Project. Each unit consists of one common share and one half of a common share purchase warrant. Each full warrant will be exercisable at C$0.10 for a period of 12 months. The financing is subject to the acceptance of the TSX Venture Exchange.
The proceeds from the private placement will be used for working capital and to fund exploration of the Company's Windy gold project in Nunavut.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
Director
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: 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 results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.
In conjunction with the sale, Bitterroot has also agreed to issue 10,000,000 units priced at C$0.05 in a non-brokered private placement to the purchaser of the Mineral Creek Project. Each unit consists of one common share and one half of a common share purchase warrant. Each full warrant will be exercisable at C$0.10 for a period of 12 months. The financing is subject to the acceptance of the TSX Venture Exchange.
The proceeds from the private placement will be used for working capital and to fund exploration of the Company's Windy gold project in Nunavut.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
Director
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: 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 results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.