Bowmore Exploration Ltd. announced that it has negotiated, subject to regulatory approval, a non-brokered private placement for total gross proceeds of up to $1,500,000. The Private Placement will consist of up to 3 million flow-through units at a price of $0.50 per Unit, each Unit consisting of one common share to be issued as a flow-through share for the purposes of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each Warrant will entitle the holder to acquire one non flow-through common share of the Company for a period of 24 months at an exercise price of $0.75 per share. Approximately 80% of the Units will be acquired by insiders of the Company and related party members and the remaining Units by other accredited investors. The Company has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the securities to the insiders and related party members. No new insiders are anticipated to be created, nor will there be any change of control as a result of the Private Placement. The proceeds from the Private Placement will be used for exploration work on the Company's Quebec based properties. Closing of the Private Placement is subject to TSX Venture Exchange approval. The securities issued will be subject to a standard four month hold period. Full Article
