ARMSTRONG, BC, Sept. 11 /CNW/ - GWR Resources Inc. (TSX Venture: GWQ) is
pleased to announce that it has closed its hard dollar private placement (last
announced on August 19, 2009) for gross proceeds of $331,113 and has issued
2,207,422 units at a price of $0.15 per unit. Each unit consists of one common
share plus one warrant. The applicable hold periods expire at midnight on
January 3, 2010.
The proceeds of this private placement were largely raised for the
Company's 2009 drill program on the Company's property near Lac La Hache, B.C.
Two insiders participated in the private placement for a collective
investment of $19,800.
Further to the Company's news release on June 17, 2009, the Company is
also pleased to announce that the acquisition of Deep Creek Oil & Gas Inc.
("Deep Creek") is proceeding. The first milestone was formal approval of Deep
Creek's Proposal by its creditors and also by the court. The second milestone
was completion of a $613,500 Private placement. The third milestone was
completion of the planned sale of certain oil and gas properties and the
corresponding reduction in Deep Creek's secured indebtedness.
The acquisition of Deep Creek by GWR is still subject to completion of
due diligence, execution of a definitive agreement, Deep Creek shareholder
approval, and approval by the TSX Venture Exchange. It is anticipated that
this acquisition will be completed towards the end of this year.
In order to facilitate the acquisition of Deep Creek by GWR, two of GWR's
insiders participated in the Deep Creek private placement for a collective
investment of $200,000. Upon completion of the acquisition, these insiders
will receive GWR shares and will have effectively purchased such shares at a
price of $0.20 per share.
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.
For further information:
For further information: Responsible Officer: Harley D. Sinclair,
Executive Vice President, Company Telephone Number: (250) 546-8048