Tickers: XCNQ:WST, XTSX:WST.P, PINX:WSRRF, XTSX:WST.H
Tags: Mining
Vancouver, British Columbia / TheNewswire / December 19, 2017 - Westridge Resources Inc. ("Westridge" or the "Company") is pleased to announce that it has closed the second tranche of its previously announced private placement (the "Offering"), disclosed in the news release of the Company dated October 20, 2017 and December 4, 2017. The Company issued 6,289,072 units (the "Units") at the price of $0.35 per Unit for aggregate gross proceeds of $2,201,175.20. Combined with the first tranche the Company issued a total of 9,371,237 Units and raised aggregate gross proceeds of $3,279,932.95. For additional details on the first tranche of the Offering please reference the news release of the Company dated December 4, 2018.
The Offering was completed on a non-brokered basis, and the Company paid finder's fees in accordance with applicable securities law and the policies of the Canadian Securities Exchange (the "CSE") to eligible finders (the "Finders"). All securities issued in connection with the Offering are subject to hold periods under applicable Canadian and United States securities laws for a minimum of four months and a day.
Pursuant to the terms of the Offering, each Unit consists of one common share in the capital of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share in the Capital of the Company (a "Warrant Share") at a price of $0.50 per Warrant share for a period of 24 months from the closing of the Offering.
The Finders received a cash commission of 8% of the aggregate gross proceeds of the Offering attributable to the Finder and compensation warrants (the "Compensation Warrants") equal to 8% of the total Units attributable to the Finders, equal to 393,950 Compensation Warrants, that will entitle the holder thereof to acquire that number of common shares in the capital of the Company (the "Common Shares") pursuant to the Offering at an exercise price of $0.50 per Common Share at any time on or prior to December 4, 2019.
For further information on Westridge Resources Inc. please contact the Company at 604-565-5100
ON BEHALF OF THE BOARD
"Michael Young"
Michael Young
President and CEO
The CSE has neither approved nor disapproved the information contained herein.
This news release contains forward-looking statements. The Company has provided the forward-looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward-looking statements may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
Copyright (c) 2017 TheNewswire - All rights reserved.
