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VANCOUVER, BRITISH COLUMBIA -- (Marketwire - April 23, 2012) - Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX VENTURE: EDW) (OTCQX: EDWZF) is pleased to announce a non-brokered private placement financing for gross proceeds of up to $3,000,000.
Pursuant to the non-brokered private placement the Company will issue up to 9,090,909 common shares of the Company at a price of $0.33 per share to eligible investors. Proceeds of the financing will be used to advance the Company's Corcoesto Gold Project and the Enchi Gold Project and for general working capital.
The securities issued in the private placement will be subject to a hold period of four months following the distribution date under applicable Canadian securities legislation.
A finder's fee will be paid in conjunction with the completion of the offering, payable in cash or the equivalent in common shares. The private placement is subject to TSX Venture Exchange approval.
About Edgewater Exploration Ltd.
Edgewater is a mineral development and exploration company focused on the development of precious metal properties. Edgewater has an experienced mine building and operating team with a track record of success. The Company is currently developing the Corcoesto Gold Project in northwest Spain, and exploring the Enchi Gold Project in Ghana, West Africa.
On behalf of the board of EDGEWATER EXPLORATION LTD.
George Salamis President and CEO
Neither the 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.
Contact Information
Edgewater Exploration Ltd. Ryan King Vice President (604) 628-1012 rking@edgewaterx.com
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