ARMSTRONG, B.C., March 19 /CNW Telbec/ - Further to its news release of
March 8, 2007, GWR Resources Inc. (TSX-V: GWQ) ("GWR" or the "Company") is
pleased to announce that it has closed a $2,500,000 financing with the
MineralFields Group comprised of a "flow-through" private placement in the
amount of $2,000,000 and a "non flow-through" private placement in the amount
of $500,000. This transaction is the third financing that GWR has completed
with MineralFields, having already completed two "flow-through" private
placements at price levels ranging from $0.20 to $1.10 for aggregate proceeds
to the Company totalling $5,750,000 since September 2006. TSX Venture Exchange
has conditionally approved this financing.
Each "flow-through" unit is priced at $1.40 and consists of one
"flow-through" common share and one warrant, with each warrant entitling the
investor to purchase one common share of the Company for a period of two years
at an exercise price of $2.75 per share. Each "non-flow-through" unit is
priced at $1.25 and consists of one "non-flow-through" common share and one
warrant, with each warrant entitling the investor to purchase one common share
of the Company for period of two years at an exercise price of $2.00 per
Limited Market Dealer Inc. has received a cash finder's fee of $100,000
representing 4% of the gross proceeds from this financing as well as 164,571
options representing 9% of the total units sold in this financing. Each option
is exercisable for two years at a price of $1.25 for one unit with the same
terms as the "non-flow-through" units described as above. Limited Market
Dealer Inc. has also received a due diligence fee which will consist of a cash
payment of $25,000 representing 1% of the gross proceeds from this financing
and 73,142 common shares of the Company representing 4% of the total units
sold in this financing.
All securities issued in this financing are subject to a hold period
which will expire at midnight on July 15, 2007.
The proceeds of this financing will be used to fund the Company's ongoing
exploration program on the Company's property near Lac La Hache, B.C., and for
general working capital.
About MineralFields and Pathway
MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at www.mineralfields.com.
GWR Resources Inc. is a British Columbia company with its head office in
Armstrong, British Columbia. GWR's property is comprised of approximately
65 square kilometres of contiguous claim groups located approximately
17 kilometres north northeast of Lac La Hache in south central British
Columbia. The property is accessed by approximately 30 kilometres of all
weather logging roads. Lac La Hache is located on B.C. Highway 97, and is
serviced by B.C. Rail, B.C. Hydro, and natural gas. Operations on the property
may be carried out 12 months of the year. GWR has accumulated the property and
conducted exploration since 1988. The current drill program is a follow up to
the multisensor helicopter borne geophysical survey conducted in 2005 and
funded by GWR in partnership with the Geological Survey of Canada.
Irvin Eisler, President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Renmark Financial Communications Inc.: Jason
Roy: email@example.com; Maurice Dagenais:
firstname.lastname@example.org, (514) 939-3989, Fax: (514) 939-3717,