ARMSTRONG, BC, Dec. 22 /CNW/ - GWR Resources Inc. (TSX Venture: GWQ) announces that, as a result of filling its current $750,000 private placement, it is arranging, subject to TSX Venture Exchange approval, a further private placement of up to 1,666,666 units at a price of $0.12 per unit for gross proceeds of up to $200,000.
The proceeds of this private placement will be used for ongoing expenditures relating to the Company's property near Lac La Hache, B.C., as well as unallocated working capital. Insofar as the Company is encouraged by its 2009 exploration program and are excited by the prospects of the 2010 program, four of the Company's directors and officers have subscribed for an aggregate of $187,000 of these private placements.
Each unit will consist of one common share plus one non-transferable warrant entitling the investor to purchase one additional common share for a period of 24 months at a price of $0.12 per share. Some of the units will consist of "flow-through" shares and warrants exercisable for non flow-through shares, such warrants only being exercisable for 18 months.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE GWR RESOURCES INC.
For further information: For further information: Responsible Officer: Harley Sinclair, Executive Vice President, Telephone Number: (604) 687-0789