TSX Venture Exchange: WCX
VANCOUVER, July 15 /CNW/ - Williams Creek Explorations Limited ("WCX" or the "Company") is pleased to announce that it has closed on the non-brokered private placement described in the press release dated June 4, 2010 (the "Placement") for gross proceeds of $3.2 million (the hold periods under Canadian securities laws and requirements of the TSX Venture Exchange expire November 16, 2010). WCX also has subscriptions in progress for an additional $1.3 million in equity financing and will be applying for the approval of the TSX Venture Exchange to issue and list these additional shares, contingent upon which, the total amount of new capital raised would be $4.5 million and the total quantity of new equity issued would be approximately 30,000,000 common shares.
The Company may also seek TSX Venture Exchange approval for financing in excess of these amounts.
To date, the Company has issued 21,204,222 common shares at a price of $0.15 per common share. The net proceeds from the Placement will be used for general corporate purposes and to provide funds for the Company's business strategy, namely, exploration of properties currently held by WCX and the pursuit of opportunities to participate more broadly in the natural resource sector, with an emphasis on the gold sub-sector, through joint venture or other equity investments, royalty and finance agreements.
"We are very pleased to have completed this first stage in our financing process," said Michael R. Sonnenreich, Chairman and CEO of WCX. "Williams Creek is a growing company and it will need the new capital in order to aggressively pursue its strategy."
Williams Creek will be holding its annual general meeting in Vancouver, BC on July 19, 2010 at 10:00 in the offices of Computershare Trust Company of Canada, 510 Burrard Street, 3rd floor. All shareholders and interested parties are encouraged to attend.
Visit http://www.WilliamsCreek.ca to learn more about Williams Creek.
Williams Creek Explorations Limited is a Canadian company with the primary purpose of participating broadly in the natural resource sector, with an emphasis on the gold sub-sector, through exploration, joint ventures or other equity investments.
The Company owns twenty-eight crown granted mineral claims in the Cariboo Mining Division and three crown granted mineral claims in the Kamloops Mining Division. The Company also has a net 30% interest in the ATW diamond property in the MacKenzie Mining District of the Northwest Territories.
The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of this news release which has been prepared by management.
This news release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
SOURCE WILLIAMS CREEK EXPLORATIONS LIMITED
For further information: For further information: Michael Sonnenreich or Dov Zigler at 514.393.3232