VANCOUVER, Nov. 7, 2013 /CNW/ - Westminster Resources Ltd announces it
has settled on terms to undertake a private placement with Global
Resources Investments Ltd ("GRIL"). Westminster is seeking to raise
$1,000,000 through the sale of 20,000,000 common shares at $0.05 per
GRIL has been established to exploit investment opportunities in the
junior mining and natural resources sectors worldwide, with an
investment objective to generate medium and long-term capital growth.
GRIL will re-register as a public company and be constituted as an
investment trust with the name Global Resources Investment Trust Plc
("GRIT") and seek admission of its ordinary shares on the main market
for listed securities on the London Stock Exchange. The Main Market is
the London Stock Exchange's flagship market for larger, more
established companies, and is the world's most international market for
the trading of equity, debt and other securities with over 2,600 listed
companies from 60 countries across 40 sectors, including many of the
world's largest, most successful and most dynamic companies.
In consideration for acquiring the Westminster shares, GRIT will issue
and deliver to Westminster 601,395 ordinary shares of GRIT at £1.00 per
share (the "GRIT Shares"). Westminster will then sell the GRIT Shares
through the facilities of the London Stock Exchange to realize the
private placement proceeds. After closing of the transaction GRIT will
own 18.70% of Westminster's issued and outstanding shares. A finder's
fee commensurate with TSX Venture Exchange policies will be paid.
Closing of the transaction is subject to a number of conditions
precedent, including approval of the TSX Venture Exchange, and GRIT
successfully listing on the London Stock Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
WESTMINSTER RESOURCES LTD.
"Glen J. Indra"
Managed by an experienced exploration team the Company is focused on
exploring and developing prospects on a land package of approximately
51,767 hectares of contiguous mineral concessions in Sonora, Mexico.
These concessions constitute a mineral district scale property serviced
by roads, power and water. Approximately 10,109 hectares comprise the
Cumbral-San Bartolo option project with Capstone Mining Corp. Capstone
has secured a 49% interest in the project having spent $3.3 million to
date; Capstone Mining Corp. has the exclusive right under a formal
Joint Venture Agreement to earn a further 11% interest by expending an
additional $3 million by December 31, 2014 and can earn a further 10%
interest by expending an additional $3 million before December 31,
2015, bringing their total expenditures to $9.3 million to earn a 70%
This news release may contain forward-looking information which is not
comprised of historical facts. Forward-looking information involves
risks, uncertainties and other factors that could cause actual events,
results, performance, prospects and opportunities to differ materially
from those expressed or implied by such forward-looking information.
Forward looking information in this news release may include, but is
not limited to, the Company's objectives, goals or future plans.
Factors that could cause actual results to differ materially from such
forward-looking information include, but are not limited to, those
risks set out in the Company's public documents filed on SEDAR.
Although the Company believes that the assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information,
which only applies as of the date of this news release, and no
assurance can be given that such events will occur in the disclosed
time frames or at all. The Company disclaims any intention or
obligation to update or revise any forward-looking information, whether
as a result of new information, future events or otherwise, other than
as required by law. The TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of this release.
Neither 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.
SOURCE: Westminster Resources Ltd.
For further information:
regarding Westminster Resources Ltd., please contact Leif Smither or Fulvio Scrigner at 604-608-0400, Toll Free: 1-877-608-0007 or visit our website at www.westminsterres.com