|By Marketwired .||
|June 16, 2014 06:58 PM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 06/16/14 -- Bowmore Exploration Ltd. (TSX VENTURE: BOW) ("Bowmore" or the "Company") has closed the first $270,000 tranche of a non-brokered flow-through private placement (the "Placement") with Canadian investors to raise up to $375,000 by way of the issuance of up to 2,500,000 units (the "Units") at a price of $0.15 per Unit. Each Unit is comprised of one flow-through common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one non-flow-through common share of Bowmore at a price of $0.20 each until December 13, 2015.
The Company paid a finder's fee (a) in cash of $6,000 (representing 6% of gross proceeds in respect of the subscriptions placed by finders) and (b) of 40,000 share purchase warrants ("Finder's Warrants") (representing 6% of the Units placed by finders), with each Finder's Warrant entitling the holder thereof to purchase one common share of Bowmore at a price of $0.15 each until December 13, 2015.
Robert Wares, a director of the Company, and Paul Dumas, President, CEO and a director of the Company, subscribed for 1,000,000 Units and 66,667 Units respectively. The Company relied upon the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 contained in section 5.5(b) and 5.7(b), respectively, with respect to the issuance of Units to the insiders.
The gross proceeds raised from the Placement are to be used to incur Canadian exploration expenses on the Company's Newfoundland-based properties.
All securities issued pursuant to the Placement are subject to a four month hold period expiring on October 13, 2014.
BOWMORE is a Canadian exploration mining company focused on precious metal exploration in Canada and Mexico. The Company trades on the TSX Venture Exchange under the symbol "BOW". For further information on BOWMORE, visit www.bowmorexploration.com
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.