Jun 03, 2011
Edgewater Increases Non-Brokered Private Placement to $7,500,000
Vancouver, British Columbia. Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to announce the Company has increased the non-brokered private placement financing to $7,500,000 from $3,000,000 due to investment interest.
The non-brokered private placement will consist of the Company issuing up to 9,375,000 units (the "Units") at a price of $0.80 per Unit. Each Unit will consist of one common share and one half of a common share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share for $1.10 for a period of 24 months from the closing date. Proceeds of the financing will be used to advance the Company's Corcoesto Gold Project and the Enchi Gold Project and for general working capital.
A finder's fee will be paid in conjunction with the completion of the offering of up to 6.5% of the gross proceeds, payable in cash or the equivalent in common shares. The private placement is subject to TSX Venture Exchange approval.
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.
President and CEO
For further information, please contact:
Ryan King, Vice President
Telephone: (604) 628-1012
"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."
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