Weststar Resources Announces Share Consolidation and Financing
28 Mayo 2014 - 2:56PM
Access Wire
Vancouver, BC /
ACCESSWIRE / May 28, 2014 / Weststar Resources
Corp. (TSX-V:WER) ("Weststar" or the
"Company")
announced today that it intends to undertake a non-brokered private
placement, on a post-Consolidation basis (as defined below), of up
to 7,000,000 units in the capital of the Company (each, a
"Unit") at a
price of $0.05 per Unit for gross proceeds of up to $350,000 (the
"Financing").
Each Unit will consist of one
post-Consolidation common share in the capital of the Company and
one transferable common share purchase warrant (each, a
"Warrant").
Each Warrant will entitle the holder to acquire one
post-Consolidation common share at a price of $0.10 per share for a
period of 2 years from the closing date.
The proceeds of the Financing
will be used by Weststar for general corporate and working capital
purposes. All securities issued in connection with the Financing
will be subject to a four-month hold period under applicable
Canadian securities laws.
Closing of the Financing is
subject to the approval of the TSX Venture Exchange (the
"TSXV").
Proposed Share Consolidation
In addition, and in
conjunction with the proposed Financing, the Company intends to
amend its share structure by consolidating its issued and
outstanding common shares on the basis of one (new)
post-consolidation share for each two (old)
pre-consolidation shares (the "Consolidation").
The board of directors of the
Company believes that the Consolidation is necessary due to market
conditions that have made it challenging to raise capital under the
current share structure of the Company. There will be no name
change in conjunction with the Consolidation and the Consolidation
is subject to the approval of the TSXV.
For further info on the
Company please visit www.weststarresources.com or email
info@weststarresources.com.
On Behalf of the
Board
Will Rascan,
President/CEO
Weststar Resources
Corp.
(604) 805-2256
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This press release contains forward-looking
statements about Weststar Resources Corp. Forward-looking
statements are statements that are not historical facts. The
forward-looking statements in this press release are subject to
various risks, uncertainties and other factors that could cause the
resulting issuer's actual results or achievements to differ
materially from those expressed in or implied by forward-looking
statements. These risks, uncertainties and other factors include,
without limitation, uncertainty as to resulting issuer's ability to
achieve the goals and satisfy the assumptions of management general
economic factors and other factors that may be beyond the control
of the parties. Forward-looking statements are based on the
beliefs, opinions and expectations of the management of Weststar
Resources Corp. at the time they are made, and Weststar Resources
Corp. does not assume any obligation to update its forward-looking
statements if those beliefs, opinions or expectations, or other
circumstances, should change.
SOURCE: Weststar Resources Corp.
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