Berkwood Resources Ltd (CVE: BKR) has closed the first tranche of its private placement worth $534,070.08.
A total of 5,934,112 units will be issued at $0.09. Each unit will comprise of one flow-through common share and one-half warrant. A whole warrant can be exercised at $0.15 over the next two years.
All the new securities are subject to a four-month-plus-one-day hold period from the closing of the placement.
The company owns the Lac Guéret Extensions Project, in Quebec, which is prospective for graphite.
It consists of 38 claims covering 2,052 hectares, while Berkwood also has an option to earn a 100%-interest in the Lac Guéret South Block, which consists of a further 106 claims for 5,714 hectares.