By Sheri Kasprzak
New York, March 21 - Northwest Resources Ltd. has concluded a A$1,872,000 private placement.
The company sold 7.2 million shares at A$0.26 each.
The investors will receive one free option for every four shares purchased in the deal with each option exercisable at A$0.20 through Jan. 30, 2008.
Cartesian Capital and Lonsec Ltd. were the placement agents.
Proceeds will be used for exploration on the company's Blue Spec Shear gold project.
Based in Darling Point, New South Wales, Northwest is a mineral exploration company.
| Issuer: | Northwest Resources Ltd.
|
| Issue: | Stock
|
| Amount: | A$1,872,000
|
| Shares: | 7.2 million
|
| Price: | A$0.26
|
| Options: | One option per four shares purchased
|
| Option expiration: | Jan. 30, 2008
|
| Option strike price: | A$0.20
|
| Placement agents: | Cartesian Capital and Lonsec Ltd.
|
| Settlement date: | March 21
|
| Stock symbol: | Australia: NWR
|
| Stock price: | A$0.275 at close March 21
|
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