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Berkwood Resources raises C$671,249 via second tranche of placing

Last updated: 15:24 24 Oct 2017 BST, First published: 10:24 24 Oct 2017 BST

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The company will issue over 2.31mln units at 29 cents each

High tech mineral group Berkwood Resources Ltd (CVE:BKR) said it had raised gross proceeds of C$671,249.95 via closing the second tranche of a private placing.

It will issue over 2.31mln units at 29 cents each and the cash will go towards developing the firm's properties in Quebec and for working capital.

Each unit will consist of one share and one share warrant, with each warrant exercisable into one share at 35 cents each for two years, the group said.

A finder's fee of C$1,160 cash and 4,000 warrants will be paid/issued to PI Financial Corp, and 14,000 shares and 14,000 warrants will be issued to Devon Capital Inc, the firm said.

All securities will be subject to a four-month-plus-one-day hold period from closing.