VANCOUVER, April 22 /CNW/ - Westward Explorations Ltd. (the "Company") reports confirmation of receipt of proceeds of approximately $4,200,000 pursuant to the exercise of common share purchase warrants (the "Warrants") which expire April 25, 2010. Proceeds will be used to fund the search for significant assets in the natural resource sector and for working capital.
The Radcliffe Foundation ("Radcliffe") exercised 11,880,000 Warrants and Frank Giustra exercised 1,275,000 Warrants representing approximately 12.6% of the issued and outstanding common shares. Prior to the exercise, Radcliffe held 11,195,000 common shares and options to acquire 600,000 common shares. After the exercise, Radcliffe and Frank Giustra hold 24,350,000 common shares representing 23.33% of the outstanding shares of the Company (23.77% assuming exercise of the stock options).
On behalf of the Board of
Westward Explorations Ltd.
Neither 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 West African Iron Ore Corp.
For further information: For further information: John Pallot, President, Tel: (604) 688-1508