Edgewater Closes Final Tranche of $11,000,000 Non Brokered Private Placement
29 Juin 2011 - 3:15PM
Marketwired
Edgewater Exploration Ltd. (TSX VENTURE: EDW)(OTCQX: EDWZF)
("Edgewater" or the "Company") is pleased to announce that the
Company has closed the second and final tranche ("Final Tranche")
of its previously announced non-brokered private placement of
$11,000,000 ("Private Placement").
The first tranche of the Private Placement consisted of
13,030,000 units ("Units") at $0.80 per Unit for gross proceeds of
$10,424,000. Each Unit consists of one common share ("Share") and
one half of a common share purchase warrant ("Warrant"). Each whole
Warrant entitles the holder to acquire an additional Share for
$1.10 for a period of 24 months from the closing date. The Final
Tranche consisted of the remaining 720,000 Units at $0.80 per Unit
for gross proceeds of $576,000 for a total combined sale of
13,750,000 Units and gross proceeds of $11,000,000. The Shares and
Warrants issued in connection with the Final Tranche have a four
month hold period ending on October 28, 2011. Edgewater paid
finder's fees totalling $582,400 in cash and issued 121,062 common
shares in connection with the entire non brokered private
placement. Upon completion of the non brokered private placement
Edgewater has $18,500,000 in the treasury and 66,680,687 common
shares issued and outstanding.
Proceeds of the Private Placement will be used to advance the
Company's Corcoesto Gold Project, the Enchi Gold Project and for
general working capital.
About Edgewater Exploration Ltd.
Edgewater is a mineral exploration company focused principally
on acquisitions, advancement and development of precious metal
properties. Edgewater is currently developing the Enchi Gold
Project in Ghana, West Africa and the Corcoesto Gold Project in
northwest Spain.
On behalf of the board of EDGEWATER EXPLORATION LTD.
George Salamis, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Edgewater Exploration Ltd. Ryan King Vice President
(604) 628-1012 rking@edge-water.com www.edge-water.com
Edgewater Exploration (CE) (USOTC:EDWZF)
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