GWR Closes $470,000 Private Placementadmin
GWR Resources Inc. announce that it has closed a non-brokered private placement for gross proceeds of $470,001.
The Company issued an aggregate of 1,425,001 common shares at a price of $0.28 per Share, and an aggregate of 253,574 units at a price of $0.28 per Unit. Each Unit is comprised of one common share, and one non-transferable common share purchase warrant. Each Warrant entitles the holder thereof to acquire an additional common share at any time from the date of issue of the Warrants until the date which is 24 months after the closing date of the Private Placement at an exercise price of $0.30 per Warrant Share during the first 12 months following the closing, and thereafter at an exercise price of $0.35 per Warrant Share.
All the securities issued in the Private Placement are subject to a hold period which under the applicable securities laws and the rules of the TSX Venture Exchange will expire on May 28, 2009. While the Private Placement has closed and the securities have been issued, the Private Placement is nevertheless subject to final approval of the Exchange.
No finder’s fees are payable in connection with the Private Placement. The proceeds of the Private Placement will be used for general working capital and to fund GWR’s ongoing exploration program on its properties near Lac La Hache, B.C.