By Sheri Kasprzak
New York, March 6 - Western Warrior Resources Inc. said it intends to raise up to C$1 million in a private placement of unsecured convertible notes.
The notes are due March 21, 2008, bear interest at 7% annually and are convertible into shares at C$0.35 each.
Allan Dolan, the company's chairman and one of its existing shareholders, has agreed to subscribe for all of the notes.
Proceeds will be used for exploration, particularly on the company's Eppler Lake project.
Based in Calgary, Alta., Western Warrior is a mineral exploration company.
| Issuer: | Western Warrior Resources Inc.
|
| Issue: | Unsecured convertible notes
|
| Amount: | C$1 million (maximum)
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| Maturity: | March 21, 2008
|
| Coupon: | 7%
|
| Price: | Par
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| Yield: | 7%
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| Conversion price: | C$0.35
|
| Warrants: | No
|
| Investor: | Allan Dolan
|
| Announcement date: | March 6
|
| Settlement date: | March 21
|
| Stock symbol: | TSX Venture: WWR
|
| Stock price: | C$0.20 at close March 3
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