CALGARY, Nov. 1 /CNW/ - (TSX Venture: WWR), Western Warrior Resources
Inc. ("Western Warrior") today announced that it has completed the private
placement of 2,800,000 units of Western Warrior at a price of $0.25 per unit
for total gross proceeds of $700,000. Each unit of the company consisted of
one common share and one-half of one common share purchase warrant. Each whole
common share purchase warrant entitles the holder to purchase one common share
at a price of $0.35 on or before October 31, 2008, provided that if the common
shares trade at $0.45 or higher on a volume weighted average basis over any
ten trading day period during the one year period, the company can give
written notice to all warrant holders to accelerate the expiry date of the
warrants to 15 calendar days after the date of such notice.
All of the common shares and warrants issued by Western Warrior pursuant
to the private placement are subject to a four-month hold period and are
subject to restrictions on resale prior to March 1, 2008.
Western Warrior intends to use the proceeds from the private placement to
fund the exploration programs on its Ontario and Manitoba properties, with a
principal focus on its Pipestone Project, as well as for general working
About Western Warrior: Western Warrior is a Calgary-based,
multi-commodity, mineral exploration company with 100% ownership of properties
in Northern Manitoba, Northwestern Ontario, and Valdez Alaska, encompassing a
total area of more than 402,700 hectares (4,027 km(2)). Western Warrior's
website address is www.westernwarrior.ca.
To be added to Western Warrior's private email list, please contact
This press release contains a forward-looking statement as to how Western
Warrior intends to use the proceeds from the private placement, which may
prove to be incorrect. The statement represents Western Warrior's current
strategy; however, Western Warrior may determine that it is appropriate to
reallocate the use of the proceeds.
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: Western Warrior Resources Inc., Grant Hall,
President, Phone: (403) 543-2595, Fax: (403) 543-2599, Email: