VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/07/16 -- Strongbow Exploration Inc. (TSX VENTURE: SBW) is pleased to announce a non-brokered private placement financing which will comprise up to 16,667,000 Units at a price of $0.15 per Unit for gross proceeds of up to $2,500,000. Each Unit will consist of one common share and one whole share purchase warrant (the "Subscriber Warrant"). Each Subscriber Warrant will allow the holder to purchase one common share of Strongbow at a price of $0.20 for a period of 24 months from the closing date of the financing, subject to the acceleration right described below. Proceeds of the financing will be used for general working capital and for the advancement of the South Crofty tin project in Cornwall, UK.
Insiders of Strongbow may also participate in the private placement on the same terms and conditions as arm's length subscribers. Strongbow may pay a 5% finder's fee (payable in cash and in finder's warrants (the "Finder's Warrants")) in connection with the financing. The Finder's Warrants will be exercisable on the same terms as the Subscriber Warrants and will be subject to the acceleration right described below.
Completion of the private placement is subject to certain conditions, including the approval of the TSX Venture Exchange ("TSXV"). All securities issued as part of the private placement will be subject to a hold period of four months from the date of issuance of the securities.
Acceleration Right
If on any 20 consecutive trading days the closing price of the Company's common shares (or the closing bid, if no sales were reported on a trading day) as quoted on the TSXV (or such other stock exchange, quotation system or market on which such shares are then listed) is greater than $0.50 during the term of the Warrants, then the Company may accelerate the expiry date of the Warrants to the 30th day after the date on which the Company gives notice to the subscriber of such acceleration in accordance with the Warrant. Any Warrants not exercised on or before such 30th business day will expire and will no longer be exercisable to acquire shares.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard D. Williams, P.Geo
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.
Contacts:
Strongbow Exploration Inc.
Richard Williams
(604) 638-8005
rwilliams@strongbowexploration.com
Blytheweigh (Financial PR/IR - London)
Camilla Horsfall
Megan Ray
+44 (0) 207 138 3204
