/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION TO
THE UNITED STATES/
NEW YORK, Jan. 14 /CNW/ - Further to Electrum Strategic Acquisitions LLC's ("Electrum") announcement on December 16, 2010 that it has entered into a
definitive agreements with Sunward Resources Ltd. ("Sunward") for the acquisition of ownership, on a private placement basis in
reliance on the accredited investor exemption (the "Transaction"), of between 18,150,000 and 36,150,000 units of Sunward (the "Units"), Electrum announces the closing of the Transaction. Each Unit
consists of one common share of Sunward (the "Common Share") and one Common Share purchase warrant (the "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
As a result of the completion of the Transaction noted above, Electrum
now owns 25,950,000 Shares and 25,950,000 Warrants in the capital of
Sunward, representing approximately 33.45% of the issued and
outstanding Shares (assuming exercise of all of the Warrants owned by
The Units were 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