NEW YORK, Dec. 16 /CNW/ - Electrum Strategic Acquisitions LLC ("Electrum") announced that it has entered into definitive agreements with Sunward
Resources Ltd. ("Sunward") for the sale, on a private placement basis in reliance on the
accredited investor exemption, of a minimum of 18,150,000 units (the "Units") and a maximum 36,150,000 of Units at a purchase price of $1.35 per
Unit, for aggregate gross proceeds of between $24,502,500 and
$48,802,500 (all figures are in Canadian Dollars). Each Unit will
consist of one common share of Sunward ("Common Share") and one Common Share purchase warrant ("Warrant") which entitles the holder thereof to acquire one Common Share for an
exercise price of $1.65 prior to the third anniversary of the closing
date. Assuming the completion of the full offering, as a result of the
acquisition noted above, Electrum will own between approximately 16.32%
and 27.98% of the issued and outstanding Common Shares and between
90.75% and 95.13% of the Warrants.
The Units are being acquired for investment purposes and Electrum and/or
one or more of its affiliates may, depending on market and other
conditions, increase or decrease its beneficial ownership of Common
Shares or other securities of Sunward whether in the open market, by
privately negotiated agreement or otherwise.
Electrum Strategic Acquisitions LLC is located at 535 Madison Avenue, 11th Floor, New York, NY 10022. A copy of the report relating to this
acquisition can be obtained from Michael Williams 646-365-1600 or on Sunward's profile at www.SEDAR.com.
The filing of this report is not an admission that an entity named in
the report owns or controls any described securities or is a joint
actor with another named entity.
SOURCE ELECTRUM STRATEGIC ACQUISITIONS LLC