By Sheri Kasprzak
New York, Nov. 7 - Northwest Resources Ltd. said it has arranged a private placement for A$1 million.
The offering includes 4 million shares at A$0.25 each to a group of sophisticated investors in Australia.
The investors will receive one option for every three shares purchased. The options are exercisable at A$0.20 each through Jan. 31, 2008.
Eligible shareholders will also be able to participate in a stock purchase plan under the same terms of the private placement for up to A$1 million.
The private placement is scheduled to wrap on Nov. 17.
Based in Darling Point, New South Wales, Northwest is a mineral exploration company.
Issuer: | Northwest Resources Ltd.
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Issue: | Stock
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Amount: | A$1 million
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Shares: | 4 million
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Price: | A$0.25
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Options: | One option per three shares purchased
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Option price: | A$0.20
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Option expiration: | Jan. 31, 2008
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Pricing date: | Nov. 7
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Settlement date: | Nov. 17
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Stock price: | A$0.27 at close Nov. 7
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