logo-loader
Berkwood Resources Ltd

Berkwood exercises right to buy back 5% interest in Progressive Planet

The company issued 1.75 million units to Progressive, with each unit consisting of one common share and one-half warrant

Graphite sample
The company recently drilled 16 holes at the Lac Gueret South graphite project

Berkwood Resources Ltd (CVE:BKR) (OTCMKTS:CZSVF) said Tuesday that it has exercised its right to buy back the 5% interest acquired by Progressive Planet Solutions Inc. (CVE:PLAN) in October.

The Vancouver-based mining firm said in a statement that it has issued 1.75 million units to Progressive, with each unit consisting of one common share and one-half warrant. Each whole warrant is exercisable into an additional common share at an exercise price of $0.15 per share for two years.

Shares of Berkwood were unchanged at C$0.08 in Tuesday’s Canadian trading.

READ: Berkwood Resources finds three large surface graphite outcrops

"Progressive Planet is a good strategic partner,” Berkwood CEO Tom Yingling said in a statement. “We are also very happy to exchange at a price that is over market, giving our shareholders added value."

The securities have been issued with the required hold period of four months plus one day.

The company added that it recently drilled 16 diamond core holes for 2,078 meters at the Lac Gueret South project in Quebec. That brings the total drilling at Zone 1 to 5,940 meters over 43 drill holes.

The project is directly south of the Lac Gueret project operated by Mason Graphite Inc (CVE:LLG) (OTCMKTS:MGPHF).

The stock of Progressive Planet fetched C$0.04 in Tuesday’s Canadian trading.

Earlier this month, Berkwood reported finding three large graphite outcrops at the Lac Gueret South project.

Contact Dennis Fitzgerald at [email protected]

Quick facts: Berkwood Resources Ltd

Price: $0.04

Market: TSX-V
Market Cap: $2 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Berkwood Resources Ltd named herein, including the promotion by the Company of Berkwood Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Berkwood Resources mobilizes crews to start surface sampling on Lac Gueret

Berkwood Resources (CVE:BKR) President and CEO Tom Yingling sat down with Steve Darling from Proactive Investors Vancouver to share details, the company has sent crews to their Lac Gueret project in Quebec to start surface sampling. Yingling telling Proactive why they decided to do this...

on 07/11/2019

2 min read