MONTRÉAL, QUÉBEC–(Marketwired – March 12, 2014) – Bowmore Explorations Ltd. (the “Company” or “Bowmore”) (TSX VENTURE:BOW)(FRANKFURT:0B5) is pleased to announce that it has completed the financing (the “Financing”) through the London based investment group Global Resources Investment Trust Plc. (“GRIT”) (see News Release February 11th, 2014) pursuant to which Bowmore has acquire 518,246 ordinary shares (the “GRIT Shares”) of Global Resources Investment Trust Plc. (“GRIT”), valued at 1 British Pound per GRIT Share (or total value of $960,000 Canadian) in exchange for 6,000,000 common shares of Bowmore (the “Bowmore Shares”) valued at $0.16 per Bowmore share. Global Resources Investment Trust Plc announced Friday March 7th, 2014 the admission of its ordinary shares to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s (LSE) main market for listed securities.
Global Resources Investment Trust Plc is a new investment trust established to seek and exploit investment opportunities in the junior mining and natural resource sector worldwide with an investment objective to generate medium and long-term capital growth through investing in a diverse portfolio of primarily small and mid-capitalization companies that are in the field of the exploration and production of oil, gas, precious and industrial metals, and industrial and commercial minerals. The initial portfolio is comprised of 41 companies with an aggregate value of £39.520 million British pounds.
The proceeds from the Financing (the sales of the GRIT shares) will be used for exploration work on the Company’s properties and for working capital. Finder’s fees representing 6% of the transaction value may be payable in cash or GRIT shares, at the option of the Company and in accordance with TSX Venture Exchange policies and subject to receipt of TSX Venture Exchange approval. The Bowmore Shares will be subject to a standard four month hold period.
BOWMORE is a Canadian exploration mining company focused on precious metal exploration in Canada and Mexico. The Company trades on the TSX Venture Exchange under the symbol “BOW“.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historical facts, all statements in this news release regarding, without limitation, the Financing and future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions actual results and future events could differ materially from those anticipated in such statements. Factors that may cause the actual results to differ materially from those in forward-looking statements include the ability of GRIT to complete its stock exchange listing, the ability of the Company to resell the GRIT Shares, precious metal prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Please see the public filings of the Company at www.sedar.com.