GWR Arranges $500,000 Flow-Through Financing With MineralFields Groupadmin
GWR Resources Inc. announce a non-brokered private placement in the amount of $500,000 with the MineralFields Group pursuant to which GWR proposes to issue an aggregate of 2,941,176 units. The Private Placement is subject to the approval by TSX Venture Exchange.
Each unit will be priced at $0.17 and will consist of one “flow-through” common share and one transferable common share purchase warrant, with each warrant entitling the holder to purchase one common share of GWR for a period of 24 months following the closing of the Private Placement at an exercise price of $0.20 per share.
Limited Market Dealer Inc. will receive a cash finder’s fee of $30,000 representing 6% of the gross proceeds from the Private Placement as well as a non-transferable option to acquire 235,294 units of the Company equivalent to 8% of the total units sold in the Private Placement. The LMDI Option is exercisable for a period of 24 months following the Closing into LMDI Units at an exercise price of $0.15 per LMDI Unit, each such unit consisting of one common share of the Company and one non-transferable warrant of the Company, with each such warrant entitling the holder to purchase one common share of GWR for a period of 24 months following the Closing at an exercise price of $0.20 per share.
“We are very pleased to do this 5th financing with MineralFields Group”, said Irvin Eisler, President of the Company. “This continuing relationship with MineralFields Group is an important ingredient for the ongoing growth of GWR Resources Inc. and the development of our mineral properties in British Columbia”.
The proceeds of this financing will be used to fund the Company’s ongoing exploration program on the Company’s properties near Lac La Hache, B.C.