VANCOUVER, March 20, 2017 /CNW/ - Winston Resources Inc. (CSE: WRW; FSE:WNT) (the "Company" or "Winston") is pleased to announce and further to the news release dated February 27, 2017 that due to increased demand the Company announces it has increased its equity financing from $2.5M to $2.9M.
Winston will complete an equity financing by way of private placement consisting of the sale up to 11.6 million units of the Company, each consisting of one share and one share purchase warrant exercisable at 50 cents for a period of 24 months after issuance, to raise up to an aggregate of $2.9 million at a price of 25 cents per unit. All securities issued in connection with the financing will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation. The financing may be offered pursuant to exemptions available under British Columbia Instrument 45-536. The net proceeds from the concurrent financing will be used by the company for costs relating to the transaction and for general working capital and to finance expenses related to the proposed transaction as described Feb 27, 2017. The company may pay finders' fees on the financing and on the transaction within the amount permitted by applicable securities laws and CSE policies. Closing of the financing is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.
ON BEHALF OF THE BOARD OF Winston Resources Inc.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Winston Resources Inc. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Winston Resources Inc. does not assume the obligation to update any forward-looking statement, except as required by applicable law.
SOURCE Winston Resources Inc.
For further information: please contact Sean Bromley at (604) 283 1722