Black Widow Resources Inc. Closes on First Tranche of $1,460,000 Private Placement Financing
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A total of 100,000 Units were purchased consisting of one common share and one common share purchase warrant (a "Warrant"). A total of 1,000,000 FT Units were purchased consisting of one common share issued on a "flow-through" basis and one-half of one Warrant. Each whole Warrant entitles the holder to acquire a further common share of the Company at a price of $0.15 per share for the first year from the closing of the Unit Offering, $0.20 per share for the second year from the closing of the Unit Offering, and $0.25 per share for the third year from the closing of the Unit Offering.
In connection with the Offering, the Company paid a finder's fees consisting of: (i) $9,036.38 cash commission representing 8% of the gross proceeds of the Offering (+HST); and (ii) 66,640 broker warrants ("Broker Warrants") representing 8% of the total number of FT Units issued under the Offering. Each Broker Warrant will expire 24 months from the date of issue (the "Broker Warrant Expiry Date") and will entitle the holder thereof to purchase one Unit of the Company at a price of $0.10 per Unit at any time up until the Broker Warrant Expiry Date.
The proceeds from the FT Unit offering will be used to advance and execute a drilling program on the Company's Shunsby Zinc property, preparing it for diamond drilling and to advance exploration on the Company's other properties. The net proceeds from the Unit offering will be used for general corporate purposes.
All securities issued under the Offering are subject to a four-month statutory hold period in Canada. For more information on the Company and to see a copy of the term sheet and the investors presentation in connection with this Offering please go to the Company's web page at www.blackwidowresources.com
About Black Widow Resources
Black Widow is a newly listed public company (TSX VENTURE:BWR) focused on exploring for base and precious metals, with exploration projects in Northern Ontario, Canada. Management of Black Widow includes an accomplished group of exploration/mining, administrative and legal specialists with many decades of operational experience in the junior resource sector. Prior to this closing there were 22,581,856 shares issued in Black Widow.
Neither the Toronto 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.
For more information about Black Widow please visit our website: www.blackwidowresources.com.
Contact
Black Widow Resources Inc.
Neil Novak, P.Geo., President, CEO & Director
416-203-8636
info@blackwidowresources.com
www.blackwidowresources.com
CHF Investor Relations
Jeanny So, Director of Operations
416-868-1079 ext. 225
jeanny@chfir.com