|By Marketwire .||
|August 31, 2012 04:50 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/31/12 -- BCM Resources Corporation (TSX VENTURE:B) (the "Company") announces that it has closed the first tranche of its private placement financing previously announced on August 28, 2011. The Company issued a total of 2,200,000 common shares at a price of $0.10 per share for gross proceeds of C $220,000.
Finder's fees totaling C $2000 and 20,000 broker warrants were paid to certain finders and comprise 5% cash and 5% broker warrants, of the amount placed by those finders. Each broker warrant is exercisable into one common share of the Company at an exercise price of C$0.15 and expires May 31, 2013.
The common shares issued under this non-brokered private placement, and the common shares underlying the broker warrants are subject to a four month hold period that expires on January 1, 2013.
Certain insiders participated in this private placement.
Proceeds will be used for general working capital purposes.
About BCM Resources Corporation
BCM Resources Corp. is a Vancouver-based mineral exploration company, dedicated to advancing its Shan South molybdenum discovery. The Company is also the holder of a significant land package of 100% owned mineral claims comprising another five properties near Terrace, B.C. All of these are considered to be highly prospective for molybdenum and other base & precious metals.
On Behalf of the Board of Directors:
Dale McClanaghan, President & CEO
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.