Strongbow Increases Private Placement Financing to $2,352,500
VANCOUVER, British Columbia, Jan. 31, 2020 (GLOBE NEWSWIRE) — Strongbow Exploration Inc. (“Strongbow” or the “Company”; TSX-V:SBW) is pleased to announce that, further to the news release dated January 16, 2020, it has increased the previously announced non-brokered private placement financing from $2,000,000 to $2,352,500.
The proceeds from the private placement will be used for a drill programme at the Company’s South Crofty tin project, and for general working capital purposes.Completion of the private placement is subject to certain conditions, including the approval of the TSX Venture Exchange. All securities issued as part of this private placement will be subject to a hold period of four months and one day from the date of issuance of the securities.Private Placement TermsThe financing will consist of up to 47,050,000 Units priced at $0.05 per Unit raising gross proceeds of $2,352,500. Each Unit comprises one common share and one half of one common share purchase warrant. Each full warrant will allow the holder to purchase one common share of Strongbow at a price of $0.07 for a period of 36 months from the closing date of the financing.For additional information please contact Irene Dorsman at (604) 210-8751 or by e-mail at [email protected].ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”
Richard D. Williams, P.GeoNeither 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.Caution Regarding Forward Looking Statements
Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws, including whether the private placement will be completed or fully subscribed. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things, the anticipated closing of the private placement, the anticipated size of the private placement, the expected use of proceeds from the private placement and the receipt of approval from the TSX Venture Exchange. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the general level of global economic activity. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.