ARMSTRONG, BC, Feb. 2 /CNW/ - GWR Resources Inc. (the "Company") (TSX
Venture: GWQ) is pleased to announce that it has closed a non-brokered private
placement (the "Private Placement") for gross proceeds of $470,001.
The Company issued an aggregate of 1,425,001 common shares (the "Shares")
at a price of $0.28 per Share, and an aggregate of 253,574 units (the "Units")
at a price of $0.28 per Unit. Each Unit is comprised of one common share (the
"Unit Shares"), and one non-transferable common share purchase warrant (a
"Warrant"). Each Warrant entitles the holder thereof to acquire an additional
common share (a "Warrant Share") at any time from the date of issue of the
Warrants until the date which is 24 months after the closing date of the
Private Placement at an exercise price of $0.30 per Warrant Share during the
first 12 months following the closing, and thereafter at an exercise price of
$0.35 per Warrant Share.
All the securities issued in the Private Placement are subject to a hold
period which under the applicable securities laws and the rules of the TSX
Venture Exchange (the "Exchange") will expire on May 28, 2009. While the
Private Placement has closed and the securities have been issued, the Private
Placement is nevertheless subject to final approval of the Exchange.
No finder's fees are payable in connection with the Private Placement.
The proceeds of the Private Placement will be used for general working capital
and to fund GWR's ongoing exploration program on its properties near Lac La
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Responsible Officer: Irvin Eisler, President,
Company Telephone Number: (250) 546-8048