VANCOUVER, Dec. 14 /CNW/ - Westminster Resources Ltd. (the "Company") (TSX-V: WMR), has closed the non-brokered private placement announced on December 2, 2010. The Company will issue 2,274,500 units, of which Pinetree Resource Partnership has subscribed for 1,500,000 units, at a price of $0.45 per unit with each unit to be comprised of one common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase one additional common share at $0.56 per share until December 14, 2012. The common shares issued pursuant to the private placement as well as the common shares issued pursuant to the exercise of the share purchase warrants will be legended with a hold period to expire April 15, 2011. Finders' fees totaling $41,382 will be paid from the Company's working capital commensurate with TSX.V policies.
The funds raised will be used to conduct exploration on the Company's El Cobre and Navojoa Projects in Sonora, Mexico and for general working capital.
ON BEHALF OF THE BOARD OF DIRECTORS
WESTMINSTER RESOURCES LTD.
"Glen J. Indra"
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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:
regarding Westminster Resources Ltd., please contact Leif Smither at 604-608-0400, Toll Free: 1-877-608-0007 or visit our website at www.westminsterres.com
Kin Communications Inc. at 604-684-6730, Toll free: 1-877-684-6730 Website: www.kincommunications.com