Berkwood Resources Ltd (CVE:BKR) announced Thursday that it has raised C$320,000 in its private placement, with 3.2mln units at C$0.10 per unit.
The company said each unit comprises one common share and one warrant. Each whole warrant is exercisable into one common share at a price of C$0.13 cents for a period of two years from closing.
The company said funds will be used to develop the company's properties located in Quebec and general working capital.
READ: Berkwood Resources is making significant progress on the Lac Guéret Extensions graphite project in Quebec
All securities will be subject to a four-month-plus-one-day hold period from closing.
The issuance of the securities is subject to the final approval of the TSX Venture Exchange.