September 13, 2016 - Vancouver, British Columbia, Canada: Bard Ventures Ltd. (the "Company" or "Bard") is pleased to announce that further to its news release dated August 8, 2016, it closed a non-brokered private placement for 2,200,000 units (the "Units") of the Company at a price of $0.03 per unit for gross proceeds of $66,000.00 (the "Offering").
Each unit consists of one (1) common share (the "Common Share") and one-half of one (1/2) transferrable share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one (1) additional Common Share of the Company on or before September 13, 2018 at a price of $0.05 per common share.
The Company paid a Finder's Fee of $480.00 cash and issued 16,000 Finder's Warrants. Each Finder's Warrant entitles the Finder to acquire one common share at a price of $0.05 for a period of 24 months, expiring on September 13, 2018.
The securities issued pursuant to the Offering are subject to a four (4) month hold period that expires on January 14, 2017.
As a subscriber to the Offering, Eugene Beukman, a Director and Officer of the Company, acquired indirectly, 2,000,000 Units. The participation by an insider in the Private Placement is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued nor the consideration being paid exceeds 25% of Bard's market capitalization. No Finder's Fee was paid for Mr. Beukman's subscription.
Proceeds raised from the sale of the Units will be used for claim maintenance fees, general property review and geological review of new gold and silver areas.
On behalf of:
Bard Ventures Ltd.
Eugene Beukman, President
For further information please visit our website at www.bardventures.com.
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.
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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