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Weststar Announces Financing With Mineralfields Group
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Vancouver, BC - August 11, 2009: Weststar Resources Corp. (TSX-V: WER)
(the "Company") is pleased to announce a non-brokered private placement
of $500,000 through the sale of 5,000,000 flow-through units ("FT
Units") at a price of $0.10 each to the MineralFields Group. Each FT
Unit consists of one flow-through common share (each a "Share") and one
non flow-through common share purchase warrant (each a "Warrant") at a
price of $0.10 per Unit (the "Private Placement"). Each Warrant will
entitle the holder to purchase one non-flow through common share of the
Company, exercisable for a period of 24 months from the closing of the
Private Placement at a price of $0.15 per common share.
The Company will pay a cash finder's fee to the Limited Market Dealers
equal to 5% of the FT Units subscribed for as well as a finder's fee in
the form of units equal to 10% of the number of FT Units subscribed for
(each a "Finder's Unit"). Each Finder's Unit consists of one Share and
one Warrant on the same terms and conditions noted above.
"We are very pleased to be entering into this relationship with
MineralFields Group", said Mitchell Adam, President. "This is an
important milestone in the growth of Weststar Resources Corp. and we
look forward to working with MineralFields Group as we develop our
mineral property interests in Canada."
The proceeds of this financing will be used toward further advancement
of the Company's recently acquired Golden Fox and McKinnon properties
in the Yukon and toward a fall drill program on the Axe copper gold
property in Princeton, B.C.
The private placement is subject to regulatory approval and subject to
TSX Venture Exchange acceptance for filing.
About MineralFields, Pathway and First Canadian Securities (r)
MineralFields Group (a division of Pathway Asset Management), based in
Toronto and Vancouver, is a mining fund with significant assets under
administration that offers its tax-advantaged super flow-through
limited partnerships to investors throughout Canada as well as
hard-dollar resource limited partnerships to investors throughout the
world. Pathway Asset Management also specializes in the manufacturing
and distribution of structured products and mutual funds (including the
Pathway Multi Series Funds Inc. corporate-class mutual fund series).
Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities (r) is active in
leading resource financings (both flow-through and hard dollar PIPE
financings) on competitive, effective and service-friendly terms, and
offers investment banking, mergers and acquisitions, and mining
industry consulting, services to resource companies. MineralFields and
Pathway have financed several hundred mining and oil and gas
exploration companies to date through First Canadian Securities (r).
About the Company: Weststar Resources Corp. (WER: TSX-V) is a mineral
exploration company focused on discovering and advancing mineral
properties by utilizing modern geological science to evaluate
historical known discoveries. Weststar offers the potential for rapid
corporate growth and asset appreciation. Weststar's portfolio is
currently focused in Canada. For further info on the Company please
visit www.weststarresources.com or email info@weststarresources.com
Telephone: 604-669-9330.
On Behalf of the Board
Mitchell Adam, President
Weststar Resources Corp.
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.
WARNING: The Company relies on litigation protection for "forward
looking" statements. Actual results could differ materially from those
described in the news release as a result of numerous factors, some of
which are outside the control of the Company.
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Copyright (c) 2009 WESTSTAR RESOURCES CORP. (WER) All rights reserved.
For more information visit our website at
http://www.weststarresources.com/ or send
mailto:info@weststarresources.com
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Weststar Resources Corp.
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EXPLORATEUR |
CODE : WER.V |
ISIN : CA9615363079 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Weststar Res. est une société d’exploration minière de cuivre et d'uranium basée au Canada. Weststar Res. détient divers projets d'exploration au Canada et au Mexique. Ses principaux projets en exploration sont TOBIN LAKE, NUNAVUT COAL PROPERTY, AXE, ELLESMERE et MCKINNON au Canada et LA PALOMA MEXICO au Mexique. Weststar Res. est cotée au Canada et en Allemagne. Sa capitalisation boursière aujourd'hui est 773 000 CA$ (613 298 US$, 541 849 €). La valeur de son action a atteint son plus haut niveau récent le 06 mars 2009 à 2,00 CA$, et son plus bas niveau récent le 10 février 2015 à 0,02 CA$. Weststar Res. possède 30 920 000 actions en circulation. |