Strongbow Exploration Inc. (TSX-V: SBW) announces that it intends to increase the non-brokered private placement financing announced on March 10, 2015 from a minimum of $500,000 to an amount of up to $1 million.
The non-brokered private placement will comprise up to 10,000,000 Units at a price of $0.10 per Unit for total gross proceeds of up to $1,000,000. Each Unit will consist of one common share and one half of one common share purchase warrant. Each full warrant will allow the holder to purchase one share of Strongbow at a price of $0.20 for a period of 24 months from the closing date of the financing.
It is anticipated that insiders of Strongbow will also participate in the private placement on the same terms and conditions as arm's length subscribers. Strongbow may pay commissions and finders' fees in connection with the financing.
Proceeds from the private placement will be used to finance initial exploration programs at Sleitat and Coal Creek and for working capital purposes, as described in the news release issued March 10, 2015. The acquisition of the Sleitat and Coal Creek tin properties, and the private placement described herein are subject to the receipt of all required regulatory approvals.
STRONGBOW EXPLORATION INC.
/s/"Kenneth A. Armstrong"
Kenneth A. Armstrong
President and CEO
For further information, please contact:
President and CEO
Tel: 604 668 8355
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.
This news release contains "forward-looking statements" including but not limited to statements with respect to Strongbow's plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. Although Strongbow has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Strongbow undertakes no obligation or responsibility to update forward-looking statements, except as required by law.