Symbol on TSX-Venture Exchange: KWG
Shares issued and outstanding: 519,817,356
MONTRÉAL, April 1 /CNW/ - KWG Resources Inc. (TSXV - KWG) reports that it has closed a first tranche of a previously announced non-brokered private placement through the sale of 39,090,000 units at $0.125 each for gross proceeds of $4,886,250. Each unit consists of one flow-through common share and one-half of a common share purchase warrant issued on a flow-through basis pursuant to the Income Tax Act (Canada). Each whole common share purchase warrant entitles the holder to purchase one non flow-through common share until March 31, 2012 at a price of $0.15. Finder's fees totaling $390,900 were paid. All securities issued pursuant to this private placement have a hold period of four months ending August 1, 2010.
The Company also announces that René R. Galipeau has been appointed to its Board of Directors to fill the vacancy occasioned by the previously announced resignation of Michel Côté. Mr. Galipeau is the Vice-Chairman and CEO of both Nuinsco Resources Ltd and of Victory Nickel Inc.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
SOURCE KWG RESOURCES INC.
For further information: For further information: Bruce Hodgman, Communications Director, Direct: (416) 646-1374, firstname.lastname@example.org; Or visit our website: www.kwgresources.com