|By Marketwired .||
|July 3, 2014 04:00 PM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 07/03/14 -- Bowmore Exploration Ltd. (TSX VENTURE:BOW)(FRANKFURT:0B5) ("Bowmore" or the "Company") has closed the second $105,000 tranche of a non-brokered flow-through private placement (the "Placement") with Canadian investors. Total placement was $375,000 by way of the issuance of 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 of the second tranche thereof to purchase one non-flow-through common share of Bowmore at a price of $0.20 each until December 29, 2015.
The Company paid a finder's fee (a) in cash of $2,097. (representing 6% of gross proceeds in respect of the subscriptions placed by finders) and (b) of 13,980 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 29, 2015.
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 second tranche of the Placement are subject to a four month hold period expiring on October 30, 2014.
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.