Trading Symbol: WGC:TSXV
VANCOUVER, July 22 /CNW/ - Whistler Gold Corp. ("The Company") (WGC:TSXV)
announces that it has closed the acquisition of an indirect 90% interest in
the Beregovo and Kvasovo Gold-Lead-Zinc licenses in Southwest Ukraine.
Whistler Gold paid $6,000,000 and issued 2,500,000 common shares, in
consideration for 90% of the issued and outstanding shares of
Blantyre Securities Ltd., a BVI Company which owns all of the outstanding
shares of Svit Ltd., a Ukraine company which holds the rights to the
properties by way of two Special Permissions issued by the Ministry of
Environmental Protection of Ukraine. The 2,500,000 common shares will be
subject to a hold period expiring November 23, 2008.
The Company also announces that it has closed a non-brokered financing
for gross proceeds of $8,000,000 through a private placement of 20 million
units @ $.40 per unit. Each unit consists of one common share and one share
purchase warrant exercisable for two years at $0.60 per share. The securities
are subject to a hold period expiring on November 23, 2008. From the proceeds
of the private placement $6,000,000 was used to fund the cash portion of the
consideration for the acquisition and the balance of the funds will be used
for proposed work programs on the properties and for general working capital.
Pursuant to its Mandate Agreement with the Company, Endeavour Financial
received a success fee equal to 2% of the value of the transaction, or
$120,000 cash and the issuance of 50,000 shares of the Company.
ON BEHALF OF THE BOARD
OF WHISTLER GOLD CORP.
Cary Pinkowski, President & Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this press
release, which has been prepared by management.
For further information:
For further information: Cary Pinkowski, Tel: (604) 694-1600