By Laura Lutz
Des Moines, Nov. 16 - Western Warrior Resources Inc. plans to complete a C$1 million private placement of unsecured convertible promissory notes with Allan Dolan, the chairman and a significant shareholder of the company.
The 7% notes will be convertible at C$0.35 per common share. They will be due in two years.
Proceeds will be used to fund exploration on the company's Ontario and Manitoba properties, with a principal focus on its Pipestone project, and for working capital.
Western Warrior is a Calgary, Alta.-based mineral exploration company.
| Issuer: | Western Warrior Resources Inc.
|
| Issue: | Unsecured convertible promissory notes
|
| Amount: | C$1 million
|
| Maturity: | Two years
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | C$0.35
|
| Warrants: | No
|
| Investor: | Allan Dolan
|
| Pricing date: | Nov. 16
|
| Stock symbol: | TSX Venture: WWR
|
| Stock price: | C$0.26
|
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