Westminster Resources Closes Final Tranche of Non-Brokered Private Placement
TSX VENTURE: WMR
Vancouver, British Columbia--(Newsfile Corp. - August 11, 2017) - Westminster Resources Ltd. (TSXV: WMR) (FSE: TQ08W1) is pleased to announce that it has received Final Approval from the TSX Venture Exchange for its non-brokered private placement previously announced on July 19, 2017 (the "Private Placement) and announces the closing of a second and final tranche (the "Second Tranche"). The Second Tranche closing consisted of the issuance of a total of 3,675,000 Units at a price of $0.20 per unit for gross proceeds of $735,000.
The Company will issue 7,495,000 Units for total proceeds of $1,495,000 in connection with this financing. Each unit will comprise one common share and one-half common share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one common share at $0.35 per share with an expiry date of one year from the closing of the private placement.
The Company will pay finder's fees in the amount of $44,050 and 262,500 broker warrants at $0.35 and will expire 1 year from the date of closing.
Managed by an experienced team, Westminster is focused on exploring and developing prospects on a land package of approximately 17,854 hectares of continuous mineral concessions in Sonora, Mexico. The Company's focus has been to assemble and explore unique and newly-discovered targets including (a) the Guayacan partially unroofed epithermal and copper-gold porphyry system, and (b) the Sierra Hydrothermal diatreme breccia tertiary rhyolite hosted structure. Systematic exploration of the Company's new mineral district is ongoing in this region of Sonora with well-developed infrastructure, favorable permitting, and a strong mining history and community support.