Strongbow Announces $3.6 Million Private Placement


Strongbow Exploration Inc. (SBW: TSXV) announces that it has appointed Haywood Securities Inc. as its agent to sell, by private placement on a best efforts basis, up to 15,000,000 common shares of Strongbow at a price of CDN$0.24 per common share for gross proceeds of up to CDN$3,600,000. Net proceeds from the offering will be used to fund exploration activities at Strongbow's Midway gold project in South Carolina as well as general working capital.

The Company has agreed to pay Haywood a cash fee equal to 5% of the gross proceeds from the offering. As additional compensation, Haywood will be issued agent's warrants entitling Haywood to subscribe for that number of common shares of the Company equal to 5% of the number of common shares sold pursuant to the private placement, at $0.35 per share exercisable for a period of twelve (12) months from the closing date of the offering. The common shares issued with respect to this equity offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.

The closing of this equity offering is expected to occur on or about November 15, 2010 and is subject to receipt of all necessary regulatory approvals.


STRONGBOW EXPLORATION INC.
/s/"Kenneth A. Armstrong"
Kenneth A. Armstrong
President and CEO

For further information, please contact:
Ken Armstrong
President and CEO
Tel: 604 668 8355
Email: info@strongbowexploration.com
Website: www.strongbowexploration.com

 

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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