Offering funds exploration at El Cobre and Navojoa Projects in Mexico
By Devika Patel
Knoxville, Tenn., Oct. 27 - Westminster Resources Ltd. announced it plans a non-brokered private placement of units for C$2.25 million.
The company will sell 7.5 million units of one common share and one warrant at C$0.30 apiece. Each whole warrant is exercisable at C$0.45 for two years. The strike price reflects an 18.42% premium to the Oct. 26 closing share price of C$0.38.
Proceeds will be used to conduct exploration on the company's El Cobre and Navojoa Projects in Sonora, Mexico and for general working capital.
The mineral and energy explorer is based in Vancouver, B.C.
| Issuer: | Westminster Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.25 million
|
| Units: | 7.5 million
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 27
|
| Stock symbol: | TSX Ventures: WMR
|
| Stock price: | C$0.37 at close Oct. 27
|
| Market capitalization: | C$16.54 million
|
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