SASKATOON, Sept. 23, 2014 /CNW/ - On September 19, 2014, Golden Opportunities Fund Inc. ("Golden Opportunities") acquired ownership and control over 75,000 common shares (the "shares") of West Mountain Environmental Corp. ("West Mountain") at a price of $7,500 in aggregate or $0.10 per share (the "Transaction").
The shares were acquired from Grant Kook, Director of West Mountain and President and CEO of Westcap Mgt. Ltd., the Fund Manager for Golden Opportunities, pursuant to a private agreement between Golden Opportunities and Mr. Kook. Mr. Kook exercised options to purchase the shares from West Mountain at a price of $7,500 in aggregate or $0.10 per share. The options were an option-based award for Mr. Kook's service on the Board of Directors of West Mountain that he held for the benefit of Golden Opportunities.
Following the Transaction, Golden Opportunities beneficially owns and controls 12,917,333 common shares of West Mountain that represent approximately 24.1% of the issued and outstanding common shares of West Mountain. Golden Opportunities additionally beneficially owns and controls $395,000 in principal amount of a 10% Convertible Debenture that is convertible into 1,234,375 common shares of West Mountain and 1,234,375 Common Share Purchase Warrants exercisable at $0.32 per share that expire on July 17, 2015.
Mr. Kook continues to hold, for the benefit of Golden Opportunities, options to purchase 150,000 common shares of West Mountain, exercisable at a price of $36,000 in aggregate or $0.24 per share that expire on September 14, 2016. These options are also an option-based award for Mr. Kook's service on the Board of Directors of West Mountain.
About Golden Opportunities
Golden Opportunities is Saskatchewan's first Provincial Retail Fund launched in 1999 to enable Saskatchewan residents to keep their savings working in Saskatchewan's leading economy. Golden Opportunities invests in small and medium-sized growth companies in diverse sectors of the economy. To date Golden Opportunities has invested over $283 million in 114 companies impacting over 3,700 jobs throughout the Province.
About West Mountain
West Mountain is an established Canadian environmental solutions company specializing in the thermal treatment of a variety of hazardous and non-hazardous waste streams. It employs TPS Technology, a unique indirectly heated, closed loop technology that allows it to extract even the most hazardous contaminants from soil, industrial sludge, pharmaceutical waste and consumer waste streams converting much of it into reusable oil and synthetic natural gas that it uses to sustain the process.
This methodology offers significant opportunity for greenhouse gas reduction over traditional hazardous waste destruction technologies. West Mountain's management team maintains expertise in hazardous waste management, Brownfield remediation and pharmaceutical waste management with experience spanning North America and 15 countries internationally. The Company will operate in China through a wholly-owned foreign enterprise and has completed all the necessary documentation to incorporate under the name Shanghai Phase Separation Environmental Technology Co., Ltd.
SOURCE: Golden Opportunities Fund Inc.
For further information: Grant Kook, President/CEO of Golden Opportunities Fund Inc. at (306) 652-5557.