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Berkwood Resources completes second tranche of private placing

Funds raised will be used to develop the company's properties located in Quebec and for working capital

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The company owns the Lac Guéret Extensions Project in Quebec, which is prospective for graphite

Berkwood Resources Ltd (CVE:BKR) said it had completed the second tranche of a flow-through private placing - raising additional funds of $224,460.

The company will issue over 2.49 million units at $0.09 each, it said in a regulatory statement Wednesday.

Funds raised will be used to develop the company's properties located in Quebec and for working capital.

Each unit will consist of one flow-through share and one-half warrant.

Each whole warrant is exercisable into one share for $0.15 for two years from closing.

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.

On Friday last week, the group said phase four drilling at Zone 1 of Lac Gueret South was continuing.

The work is aimed at extending eastward and to infill drill portions of the current geological model ahead of a potential preliminary resource estimate.

So far, Berkwood has drilled nine new holes for 1,080 meters of newly acquired core on Phase 4, to bring the total drilling at Zone 1 to 5,086 meters over 36 drill holes.

Notably, one hole hit 102.45 meters (not a true width) of continuous graphite mineralization.

Contact Giles Gwinnett at [email protected]

Follow him on Twitter @Gile74

Quick facts: Berkwood Resources Ltd

Price: 0.025 CAD

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