Bard Ventures Ltd. (“Bard” or the “Company”) is pleased to announce that on October 22, 2009, it closed the first tranche of a non-brokered private placement to raise up to $1,000,000 announced October 5, 2009.The Company issued 4,166,666 flow-through units (the “FT Units”) at a price of $0.12 per FT Unit to two limited partnerships in the MineralFields Group.The Company also sold 2,200,000 non-flow-through units (the “Units”) at a price of $0.12 per Unit.
Each FT Unit consists of one flow-through common share and one transferable share purchase warrant entitling the holder to purchase one additional non-flow-through common share of the Company for two years from the closing date of the private placement at an exercise price of $0.20 until the first anniversary and $0.25 until the second anniversary.Each Unit consists of one common share and one transferable share purchase warrant entitling the holder to purchase one additional common share of the Company for two years from the closing date of the private placement at an exercise price of $0.15.
Limited Market Dealer Inc. (the “Finder”) was paid a cash finder’s fee equal to 5% of the gross proceeds raised from the sale of the FT Units.In addition, the Finder received a compensation option exercisable until October 22, 2011, to purchase 416,666 units (each a “Finder’s Unit”) at a price of $0.12 per Finder’s Unit. Each Finder’s Unit consists of one common share and one transferable share purchase warrant entitling the Finder to purchase one common share of the Company for two years from the closing date of the private placement at an exercise price of $0.20 until the first anniversary and $0.25 until the second anniversary.
All of the securities issued under the private placement are subject to hold periods expiring on February 23, 2010.
Bard intends to use the proceeds from the private placement to finance general exploration activities on the Company’s Lone Pine and Grouse Mountain properties in British Columbia and for general corporate purposes.
“We are very pleased to be entering into this relationship with MineralFields Group”, stated Eugene Beukman, Chief Executive Officer. “This is an important milestone in the growth of Bard Ventures Ltd. and we look forward to working with MineralFields Group as we develop our projects in British Columbia.”
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.
On behalf of:
Bard Ventures Ltd.
(signed) “Eugene Beukman”
Eugene Beukman, President
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This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
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