Toronto, Ontario – Black Widow Resources Inc. (TSXV:BWR) (“Black Widow” or the “Company”) announces that it intends to complete a non-brokered private placement offering of up to 3.0 million Units (“Units”) at Cdn $0.05 per Unit for aggregate gross proceeds of up to Cdn$150,000 (the “Offering”). Each Unit consists of 1 common share (a “Common Share”) of the Company plus one purchase warrant (a “Warrant”) of the Company for each share purchased. Each Warrant will expire eighteen (18) months from the date of issue (the “Warrant Expiry Date”) and will entitle the holder thereof to purchase one Common Share (a “Warrant Share”) at a price of $0.10 per Warrant Share.
The Offering is being effected by the Company on a non-brokered basis, price and will be open for qualified subscribers until the 30th of October, 2015. While the Offering is being effected by the Company on a non-brokered basis, the Company may pay finder’s fees to arm’s-length third parties consisting of: (i) cash commission of up to 8% of the gross proceeds of the Offering; and (ii) broker warrants (“Broker Warrants”) in an amount up to 8% of the total number of Units issued under the Offering. Each Broker Warrant will expire eighteen (18) months from the date of issue (the “Broker Warrant Expiry Date”) and will entitle the holder thereof to purchase one common share of the Company at a price of $0.10 per common share at any time up until the Broker Warrant Expiry Date.
The proceeds from the Offering will be used for general corporate purposes as well as miscellaneous exploration activity on projects in Ontario and Quebec. All securities to be issued under the Offering will be subject to a four-month statutory hold period in Canada.
About Black Widow Resources
Black Widow is a public company (TSX Venture: BWR) focused on exploring for base and precious metals, with exploration projects in Northern Ontario, and more recently in Northern Quebec, Canada. Management of Black Widow includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector. There are currently 31,709,961 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 Resources please contact:
Neil Novak, P.Geo., President, CEO & Director,
Black Widow Resources Inc.
Suite 1000 – 36 Toronto St.
Toronto, ON M5E 2C5