VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 17, 2012) - BCM Resources Corporation (TSX VENTURE:B) (the "Company") announces that following receipt of TSX Venture Exchange approval, it has completed the shares for debt transaction announced in its October 5, 2012, news release. The Company has issued 1,101,500 common shares at a deemed price of C$0.10 per common share, in settlement of indebtedness to certain arms-length service providers in the amount of C$110,136.
The common shares issued under the shares for debt transaction are subject to a four month hold period that expires on February 13, 2013.
The Company also has obtained a 45 day extension from the TSX Venture Exchange to complete the non-brokered private placement, announced on August 28, 2012, for proceeds of up to C$600,000, by issuance of up to 6,000,000 million common shares priced at C$0.10 per common share.
The Company has closed the initial two tranches by issuing a combined total of 2,700,000 common shares for gross proceeds of $270,000, as announced on Aug 31, 2012 and Sep 5, 2012 respectively.
All other terms of the private placement are unchanged. Finder's fees may be payable.
About BCM Resources Corporation
BCM Resources Corp. is a Vancouver-based mineral exploration company, dedicated to advancing its Shan South molybdenum discovery. The Company is also the holder of a significant land package of 100% owned mineral claims comprising another five properties near Terrace, B.C. All of these are considered to be highly prospective for molybdenum and other base & precious metals.
On Behalf of the Board of Directors:
Dale McClanaghan, President & CEO
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.