VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 8, 2014) - Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX VENTURE:EDW) is pleased to announce the Company has closed the previously announced non-brokered private placement of $790,000 ("private placement").
The private placement consisted of the Company issuing 15,800,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $790,000. Each Unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire an additional common share for $0.10 for a period of 5 years from the date of closing. The proceeds of the financing will be used for general working capital. After closing the private placement financing Edgewater has 104.7 million shares issued and outstanding.
The shares issued in connection with the private placement have a four month hold period ending on May 09, 2014. Edgewater paid finder's fees totalling $15,000 in cash and issued 100,000 Units in connection with the private placement.
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.