Bird River Resources Concludes Final Tranche of Financing and Debt Settlement

Bird River Resources Inc., based in Winnipeg, Manitoba, has announced the successful closing of the final tranche of its non-brokered private placement financing. This tranche raised CAD$127,362.96, contributing to a total of CAD$2,515,109.52 from all phases of the offering.

Details of the Financing

The final tranche consisted of 1,592,037 common shares sold at a price of CAD$0.08 per share. The funds generated through this financing are allocated to support general corporate activities and working capital requirements, which are essential for the company’s ongoing projects.

Debt Settlement Agreements

In addition to the financing, Bird River executed a debt settlement agreement involving the issuance of 3,890,088 shares to an arm's length creditor. These shares were issued at a deemed price of CAD$0.09 each to settle an obligation of approximately USD$250,000 (CAD$350,108) related to lease payments. This strategic approach allows the company to reduce its debt profile effectively.

Regulatory Compliance and Restrictions

The shares issued in both the private placement and the debt settlement are subject to resale restrictions defined by Canadian securities laws, including a hold period of four months and one day. Notably, no finders' fees or commissions were associated with the private placement, reflecting a direct approach to investor relations.

Company Focus and Future Outlook

Bird River Resources continues to concentrate on advancing its resource properties, particularly its interest in a platinum-palladium property located in northeastern Manitoba. The proceeds from the recent financing are aimed at bolstering the company's capacity to explore and develop these significant mineral assets.

Key Takeaways

Bird River Resources has closed its final tranche of financing, raising CAD$127,362.96.

The total raised across all tranches amounts to CAD$2,515,109.52.

The company has issued nearly 3.9 million shares to settle approximately USD$250,000 in debt.

Newly issued shares will face a hold period of four months and one day.

Funding from the private placement supports the company’s working capital and mineral exploration initiatives.