June 24, 2019
Bitterroot Resources Ltd. (BTT, TSX-V) has closed a C$167,400 non-brokered private placement of 2,328,000 units priced at C$0.05 (C$116,400), plus 728,571 flow-through common shares priced at C$0.07 (C$51,000).
Each unit consists of one common share and one half of a common share purchase warrant, exercisable at C$0.11 and expiring on May 14, 2021 (964,000 warrants) or June 19, 2021 (200,000 warrants). The warrants are subject to accelerated exercise provisions if Bitterroot’s shares trade on the TSX Venture Exchange at C$0.20 for greater than 20 consecutive trading days. Finder’s fees paid in conjunction with the private placement consist of C$330 in cash, plus the issuance of 6,600 broker warrants exercisable at C$0.11 until May 14, 2021.
The common shares, plus any common shares acquired through the exercise of warrants or broker warrants in the first tranche are subject to hold periods expiring September 15, 2019 (2,556,571 shares and 964,000 warrants) or October 20, 2019 (500,000 shares and 200,000 warrants).
The proceeds of the unit financing will be used to fund geophysical surveys on the Company’s North Brenda carbonate replacement targets in southern British Columbia, follow-up geological and geochemical surveys on the recently optioned Castle West gold project in Nevada and for working capital. Additional information on the Company’s projects is available on www.bitterrootresources.com and on www.sedar.com.
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: 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.