TSX Venture: GWQ
ARMSTRONG, BC, Dec. 29 /CNW/ - GWR Resources Inc. is pleased to announce that it has closed the first tranche of its $750,000 private placement and has raised gross proceeds of $719,637. The Company issued 5,996,973 common shares and 5,271,237 warrants on terms previously announced. A finder's fee of $1,470 was paid to an arms length party. Applicable hold periods expire at midnight on April 22, 2010.
The Company has received subscriptions for the balance of this $750,000 private placement and expects to close this second tranche before December 31, 2009.
Insofar as the Company is encouraged by the results of its 2009 exploration program and is excited by the prospects of the 2010 program, four of the Company's directors and officers participated in this private placement for an aggregate of $192,000.
The Company has also started receiving subscriptions for its $200,000 private placement which was announced on December 22, 2009. The first tranche of this private placement is expected to close before December 31, 2009. The second tranche is expected to close in January.
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.
SOURCE GWR RESOURCES INC.
For further information: For further information: Responsible Officer: Harley Sinclair, Executive Vice President, Telephone Number: (604) 687-0789