/NOT FOR DISEMMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
Stock Symbol: BOW: TSX-V
MONTREAL, June 23, 2017 /CNW/ - Bowmore Exploration Ltd. (TSX-V: BOW) (the "Company"), which will begin trading Monday , June 26, 2017 as Osisko Metals Incorporated on a 3:1 consolidated basis, is pleased to announce that it has engaged Canaccord Genuity Corp. (the "Underwriter") on behalf of a syndicate of underwriters to complete a private placement financing (the "Offering"), on a bought deal basis, of 18,750,000 Units of the Company (the "Units") at an issue price of C$0.80 per Unit (post-consolidation basis) for gross proceeds of C$15,000,000. Each Unit shall consist of one common share of the Company and one common share purchase warrant (each whole such warrant, a "Warrant"). Each Warrant shall be exercisable into a common share of the Company at an exercise price of C$1.00 for a period of 24 months. The number of Units and the Unit Price assumes that the previously announced three for one share consolidation is completed and the Units are being issued on a post-consolidation basis.The Underwriter will have the option, but not the obligation, exercisable in whole or in part at any time prior to the closing of the Offering, to increase the size of the Offering by up to an additional 2,812,500 Units at the issue price for total proceeds of C$17,250,000.
The Company will also be conducting a concurrent non-brokered private placement of up to 3,333,333 flow-through shares of the Company at a price of C$0.90 per flow through common share, for gross proceeds of C$3,000,000, as well as up to 8,750,000 Units on the same terms as the Offering for additional gross proceeds of C$7,000,000.
An amount equal to the net proceeds of the Offering will be used by the Company for exploration activities and general working capital purposes.
The Units will be offered and sold by way of private placement exemptions in all provinces and jurisdictions of Canada.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. Closing is expected on or about July 14, 2017. All securities issued in connection with the Offering will be subject to a four month hold period.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Bowmore Exploration Ltd.
For further information: Paul Dumas, President & CEO, BOWMORE Exploration Ltd., (514) 861-4441, Email [email protected]