Oct 07, 2010
Edgewater Closes Additional $5.2 Million Private Placement
Vancouver, British Columbia: Edgewater Exploration Ltd. ("Edgewater" or the "Company") (EDW: TSX-V), is pleased to announce that it has closed its previously announced non-brokered private placement consisting of 5,200,000 units at a price of $1.00 per unit for gross proceeds of $5,200,000. Each unit consists of one common share and one half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share of Edgewater until October 7, 2013 at a price of $1.40 per share. A cash finder's fee of $260,000 was paid to Cormark Securities Inc. on the financing. The proceeds of the private placement will be used by the Company for expenditures on the Enchi Gold Project in Ghana, the Corcoesto Gold Project in Spain and for general working capital. The common shares and warrants issued in connection with the private placement have a four month hold period ending on February 8, 2011. After completion of this private placement Edgewater has 49,535,500 common shares issued and outstanding.
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."
"THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN, THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM"
You can view the Next News Releases item: Wed Oct 13, 2010, Major Exploration Program Begins at the Enchi Gold Project, Ghana
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