TORONTO, ONTARIO--(Marketwired - Sept. 9, 2014) - Black Widow Resources Inc. (TSX VENTURE:BWR) ("Black Widow" or the "Company") announced on May 23, 2014 that it intended to complete a non-brokered private placement offering of 100 Units ("Units") at Cdn$2,400.00 per Unit for aggregate gross proceeds of up to Cdn$240,000 (the "Offering"). The first tranche closing of the private placement was announced on July 17, 2014 for gross proceeds of $60,000 (25 units of $2,400). The Company has now completed a second tranche on September 9, 2014 for gross proceeds of $24,000 (10 units of $2,400). Black Widow advises that no further units will be issued pursuant to this offering and is now closed.
Each Unit in this Offering consisted of ten thousand (10,000) common shares (a "Common Share") of the Company plus twenty-two thousand five hundred (22,500) Flow Through Common Shares, plus one purchase warrant (a "Warrant") of the Company for each share purchased, or thirty-two thousand five hundred (32,500) warrants. Each Warrant issued will expire twenty four (24) 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 final tranche of $24,000 representing 10 Units involved one subscriber and did not involve a broker or agent. The sole subscriber is an insider; Carmen Diges, Corporate Secretary for the Company.
The flow through proceeds from the Offering will be used to continue exploring the Company's Shunsby, Santa Maria and Sakoose properties. The non-flow through proceeds from the Offering will be used for general corporate purposes. All securities to be issued under this Offering will be subject to a four-month statutory hold period in Canada.
Black Widow is a 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 specialists with many decades of operational experience in the junior resource sector. There are currently 25,077,269 shares issued in Black Widow. As a result of this private placement, there will be an additional 325,000 Common Shares issued, along with 325,000 Warrants.
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.