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January 8, 2020 VANCOUVER, B.C. – Further to the Company’s press release dated November 7, 2019, December 13, 2019 and December 30, 2019, Berkwood Resources Ltd. (TSX-V: BKR, FSE: BK2N (WKN: A2DNV4) (“Berkwood” or the “Company”) announces that it has closed its private placement offering. 5,172,000 units (the “Units”) have been subscribed for at a price of $0.025 per Unit for gross proceeds of $129,300. Each Unit consists of one (1) common share and one common share purchase warrant (“Warrant”). Each full warrant entitles the holder to acquire one (1) common share at a price of $0.05 per share for a period of 24 months.
The Company intends to use the $129,300 working capital as follows (1) $3,233 regulatory fees; (2) $14,546 office rent; (3) $9,698 business development; (4) $5,010 advertising; (5) $12,930 travel; (6) $12,930 marketing; (7) $5,172 shareholder communication; (8) $14,546 administration; (9) $1,940 transfer agent fees; (10) $7,272 legal; (11) $25,860 management fees; (12) $6,465 investor and shareholder relations; (13) $9,698 audit. While the Company intends to spend the net proceeds from the offering as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.
The Company has agreed to pay a commission of 10% cash and 10% warrants. The terms of the warrants will have the same terms as the investors.
The securities will have a hold period expiring May 10, 2020. The issuance the issuance of the securities and the finder’s fees are subject to the final approval of the TSX Venture Exchange.
About the Company: Berkwood is engaged in exploration for the commodities that enable the modern revolution in essential technologies. These technologies are dependent upon the ethical mining and supply of naturally occurring elements and minerals that enhance the performance of energy storage systems and permit the development and miniaturization of new electronics and structural components for the new suite of innovative tools. The Company is led by a team with collectively over 200 years experience and whose members have been involved with the discovery of several producing mines.
On Behalf of the Board of Directors
Berkwood Resources Ltd.
President, CEO & Director
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect.
Neither 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.