VANCOUVER, Jan. 22, 2014 /CNW/ - Further to the Company's news release
of November 7, 2013, the Company advises that it has agreed to amended
terms regarding its private placement with Global Resources Investments
Ltd ("GRIL"). The Company will be seeking to raise $1,000,000 through
the sale of 20,000,000 common shares at $0.05 per share.
GRIL has been established to exploit investment opportunities in the
junior mining and natural resources sectors worldwide, with an
investment objective to generate medium and long-term capital growth.
GRIL will re-register as a public company and be constituted as an
investment trust with the name Global Resources Investment Trust Plc
("GRIT") and seek admission of its ordinary shares on the main market
for listed securities on the London Stock Exchange.
In consideration for acquiring the Company's shares, GRIT will issue and
deliver to the Company, 560,004 ordinary shares of GRIT at £1.00 per
share (the "GRIT Shares"). The Company will then sell the GRIT Shares
through the facilities of the London Stock Exchange to realize the
private placement proceeds. After closing of the transaction GRIT will
own 18.70% of Westminster issued and outstanding shares. A finder's fee
commensurate with TSX Venture Exchange policies will be paid.
Closing of the transaction is subject to a number of conditions
precedent, including approval of the TSX Venture Exchange, and GRIT
successfully listing on the London Stock Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
WESTMINSTER RESOURCES LTD.
"Glen J. Indra"
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.
Certain statements set out in this News Release constitute
forward-looking statements. Forward-looking statements (i) are often,
but not always, identified by the use of words such as "expect", "may",
"could", "anticipate", or "will", and similar expressions; (ii) may
describe expectations, opinions or guidance that are not statements of
fact and which may be based upon information provided by third parties,
or upon the opinions, expectations and estimates of management of the
Company as at the date the statements are made; (iii) are subject to a
variety of known and unknown risks and uncertainties and other factors
that could cause actual events or outcomes to differ materially from
those anticipated or implied by such forward-looking statements. In
particular there is no assurance that (i) the Company will be able to
close the proposed share swap with GRIT on the terms outlined above, or
at all; (ii) that the Company will realize at least £1.00 per GRIT
share upon the sale thereof; and (iii) the Company will realize
proceeds from the sale of the GRIT shares in a timely manner.
SOURCE: Westminster Resources Ltd.
For further information:
regarding Westminster Resources Ltd., please contact Leif Smither or Fulvio Scrigner at 604-608-0400, Toll Free: 1-877-608-0007 or visit our website at www.westminsterres.com