VANCOUVER, March 22, 2017 /CNW/ - Winston Resources Inc. (CSE: WRW) (the "Company" or "Winston") is pleased to announce that it has closed and oversubscribed its previously announced non-brokered private placement (the "Private Placement") on February 27, 2017 and March 20, 2017. The Private Placement consisted of 11,600,000 Units ("Units") at a price of $0.25 per Unit for gross proceeds of $2,900,000.
Each Unit will be comprised of one common share of the Issuer (a "Share") and one common share purchase warrant of the Issuer (each whole warrant, a "Warrant"). Each Warrant will be exercisable into a common share of the Company (a "Warrant Share") at an exercise price of CDN$0.50 with a two year expiry.
The proceeds of this private placement will be used by the Company for costs relating to the transaction with Green Tree Therapeutics, and for general working capital.
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.