Bitterroot Resources closes private placement

Executive Summary

• Bitterroot Resources Ltd. closed a non‑brokered private placement of 19.78 million units, raising approximately CAD $0.99 M and USD $0.38 M (total gross proceeds ≈ CAD $1.37 M).
• Proceeds will fund the maiden reverse‑circulation drilling program (~3,000 m in 10 holes) at the Nighthawk gold/silver project in Nevada and provide general working capital.
• Finders’ fees of CAD $13,665 plus 273,300 broker warrants were paid; issued shares are subject to a four‑month hold period expiring Dec 2025.

Key Details

• Units sold: 19,78 million total
• 10,155,000 units at CAD $0.05 per unit (each unit = 1 common share + ½ warrant)
• 9,625,000 units at US $0.04 per unit (each unit = 1 common share + ½ warrant)
• Warrant terms:
• Canadian‑priced warrants exercisable at CAD $0.10 for two years
• U.S.–priced warrants exercisable at US $0.08 for two years
• Accelerated expiry clause: Warrant expiry may be moved forward if the 20‑day VWAP on TSX Venture exceeds CAD $0.20 per share.
• Use of proceeds:
• Finance maiden reverse‑circulation drilling program (~3,000 m across 10 holes) at Nighthawk project, Nevada
• General working capital needs
• Finders’ fees: CAD $13,665 cash plus 273,300 broker warrants priced at CAD $0.10 for two years.
• Hold period on shares/warrants: Four‑month hold expiring Dec 20, 2025 for 17,455,000 units and Dec 27, 2025 for 2,325,000 units.

Notable Quotes

(No quotes provided in the release.)