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Berkwood Resources Ltd set for C$1.5mln financing

It wants to issue up to 5mln units at 30 cents each, the firm said.

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It wants to issue up to 5mln units at 30 cents each

Berkwood Resources Ltd (CVE:BKR) plans to raise up to C$1.5mln in a private placing for general working capital.

It wants to issue up to 5mln units at 30 cents each. Each unit will consist of one share and one share purchase warrant, with each whole warrant exercisable into one share at 40 cents for two years from closing.

Last week, the group said it was designing an exploration program for its Cobalt Ford property in Quebec.

At Cobalt Ford, Berkwood has already carried out a preliminary review of historic exploration and is now mulling  a detailed unmanned aerial vehicle magnetometer survey (UAV-MAG) offered by Pioneer Aerial Surveys Ltd.

This is expected to offer high-quality data for less cost than conventional magnetics, the company said.

The 2,176-hectare Cobalt ford property was historically explored for base metals targeting mafic and ultramafic rocks.

Berkwood Resources shares shed 6.25% to C$0.30.

Quick facts: Berkwood Resources Ltd

Price: 0.025 CAD

TSX-V:BKR
Market: TSX-V
Market Cap: $1.59 m
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