Non-brokered financing is expected to fund acquisitions, exploration
By Devika Patel
Knoxville, Tenn., Oct. 28 - Westridge Resources Inc. said it revised the terms of a C$2 million non-brokered private placement of units. The deal priced on Sept. 20.
The company will sell 3,076,924 units at C$0.65 apiece. Each unit consists of one common share and one half-share warrant, with each whole warrant exercisable for one year. The warrants originally were exercisable for six months.
The warrants will be exercisable at C$0.85 for the first six months and at C$1.00 for the remaining six months. The strike prices are 13.33% and 33.33% premiums, respectively, to the Sept. 19 closing share price of C$0.75.
Settlement is expected on Nov. 30.
Proceeds will be used for asset acquisitions, mineral exploration and general working capital.
Westridge Resources is a copper, zinc, lead, silver and gold exploration company based in Vancouver, B.C.
| Issuer: | Westridge Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 3,076,924
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.85, C$1.00
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 20
|
| Revised: | Oct. 28
|
| Settlement date: | Nov. 30
|
| Stock symbol: | TSX Venture: WST
|
| Stock price: | C$0.75 at close Sept. 19
|
| Market capitalization: | C$8.46 million
|
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