VANCOUVER, Feb. 15 /PRNewswire-FirstCall/ -- Norwood Resources Ltd. (the "Company") has reached agreement with various subscribers for a non-brokered private placement of 21,329,348 units at $0.50 per unit. Each unit consists of a share of the Company and a warrant entitling the holder to acquire an additional share at $0.60 for one year. The Company shall be entitled to accelerate the expiry date of the warrants by providing 30 days written notice to the holders of the warrants if the share price trades at $1.25 or more for 20 consecutive days after the expiry of the mandatory four (4) months hold period.
A Finders fee may be paid in respect of certain of the subscriptions in accordance with applicable stock exchange policies. Proceeds of the financing will be used to fund ongoing exploration and development work and for working capital. Closing is expected to occur within 3 business days and is subject to regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS OF NORWOOD RESOURCES LTD. "Raymond Cahill" Raymond Cahill President & CEO WE SEEK SAFE HARBOUR
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgment, they are subject to a variety of risks and uncertainties that are beyond the Company's ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE
CONTACT: Raymond Cahill, President & CEO, E-Mail:
