Flow-Through Private Placement Closes

December 30, 2019 VANCOUVER, B.C. – Further to the Company’s press release dated November 7, 2019 and December 13, 2019, Berkwood Resources Ltd. (TSX-V: BKR, FSE: BK2N (WKN: A2DNV4) (“Berkwood” or the “Company”) announces that it has closed its flow-through offering.  1,000,000 flow through units (“FT Units”) have been subscribed for at a price of $0.03 per FT Unit for gross proceeds of up to $30,000.  Each FT Unit consists of one (1) flow-through common share and one common share purchase warrant (“Warrant”).  Each full warrant entitles the holder to acquire one (1) common share at a price of $0.05 per share for a period of 24 months.  

The gross proceeds from the issuance of the FT Units will be used for Canadian exploration expenses and will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada), which will be renounced to the subscribers with an effective date no later than Dec. 31, 2019 to the initial purchasers of the offered securities in an aggregate amount not less than the gross proceeds raised from the issue of the flow-through shares, as applicable, and, if the qualifying expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each FT  subscriber for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the qualifying expenditures as agreed.

The Company intends to use the FT proceeds from the private placement for exploration on its Lac Gueret Property, Quebec.

The Company has agreed to pay a commission to EMD Financial Inc. of Montreal, Quebec 160,000 common shares and warrants to purchase up to 40,000 common shares.

The securities will have a hold period expiring April 2, 2020.  The issuance the issuance of the securities and the finder’s fees are subject to the final approval of the TSX Venture Exchange.  

Additional Offering – Unit 

The Company will close its unit offering in the next few days.  Up to 16,000,000 common share units (“units”) of the Company will be offered at a price of $0.025 per unit to raise gross proceeds of up to $400,000.   Each unit will consist of one (1) common share and one common share purchase warrant (“Warrant”).  Each full warrant shall entitle the holder to acquire one (1) common share at a price of $0.05 for a period of 24 months.  

About the Company:  Berkwood is engaged in exploration for the commodities that enable the modern revolution in essential technologies. These technologies are dependent upon the ethical mining and supply of naturally occurring elements and minerals that enhance the performance of energy storage systems and permit the development and miniaturization of new electronics and structural components for the new suite of innovative tools.  The Company is led by a team with collectively over 200 years experience and whose members have been involved with the discovery of several producing mines.

On Behalf of the Board of Directors

Berkwood Resources Ltd.

President, CEO & Director

FOR MORE INFORMATION, PLEASE CONTACT:

Investor Relations: 
info@berkwoodresources.com or 1-604-343-7740     www.berkwoodresources.com

Disclaimer for Forward-Looking Information:

Certain statements in this release are forward-looking statements, which reflect the expectations of management.  Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future.  Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements.  No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.  These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect.

Neither 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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