(TSX Venture: WWR)
CALGARY, Jan. 9 /CNW/ - Western Warrior Resources Inc. ("Western
Warrior") today announced that it intends to complete the private placement of
up to 6,000,000 units at a price of $0.25 per unit for total gross proceeds of
up to $1,500,000, subject to receipt of all applicable regulatory approvals.
Each unit of the company consists of one common share and one common share
purchase warrant. Each common share purchase warrant will entitle the holder
to purchase one common share at a price of $0.35 for a period of one year from
closing, provided that if the common shares trade at $1.25 or higher on a
volume weighted average basis over any 20 trading day period during the one
year period, the company can give written notice to all warrant holders to
accelerate the expiry date of the warrants to 15 calendar days after the date
of such notice.
All securities issuable under this private placement will be subject to a
hold period of four months and one day from the closing date.
Western Warrior intends to use the proceeds from the private placement to
fund the exploration programs on its Ontario and Manitoba properties, with a
principal focus on its Pipestone Project, as well as for general working
About Western Warrior: Western Warrior is a Calgary-based,
multi-commodity, mineral exploration company with 100% ownership of properties
in Northern Manitoba, Northwestern Ontario, and Valdez Alaska, encompassing a
total area of more than 402,700 hectares (4,027 km(2)). Western Warrior's
website address is www.westernwarrior.ca.
To be added to Western Warrior's private email list, please contact
This press release contains forward-looking statements which are based on
Western Warrior's current internal expectations, which may prove to be
incorrect. These statements are not a guarantee of future performance and
undue reliance should not be placed on them. Such forward-looking
statements necessarily involve known and unknown risks and uncertainties
that are common to junior mineral exploration companies. These risks and
uncertainties include, among other things, Western Warrior's need for
additional funding to continue its exploration efforts, changes in
general economic, market and business conditions; and competition for,
among other things, capital and skilled personnel. Western Warrior
undertakes no obligation to update or revise any forward-looking
statements except as required by applicable securities laws.
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: Western Warrior Resources Inc., Grant Hall,
President, Phone: (403) 543-2595, Fax: (403) 543-2599, Email: