/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, March 21 /CNW/ - Whitemud Resources Inc. ("Whitemud" or the
"Company") (WMK - TSXV) is pleased to announce the exercise of the
over-allotment option ("Over-Allotment Option") granted to the syndicate,
which was led by Westwind Partners Inc. and included Dundee Securities
Corporation, HSBC Securities (Canada) Inc. and MGI Securities Inc.
(collectively, the "Agents"), in connection with the Company's previously
announced initial public offering, which closed on February 28, 2007.
Pursuant to the Over-Allotment Option, the Company is issuing an
additional 300,000 common shares of the Company at a price of $8.00 per common
share, raising the total gross proceeds of the initial public offering to
approximately $52,400,000. Closing is expected to occur tomorrow, Thursday,
March 22, 2007.
The additional net proceeds from the exercise of the Over-Allotment
Option will be used to further fund the construction of a metakaolin
processing plant, the development of a kaolin mine/quarry, and for general
Whitemud is committed to becoming the leading manufacturer and supplier
of metakaolin for the North American construction cement and concrete and
oilfield cement industries. The Company was founded in 2002, inspired by the
discovery of a unique manufacturing process that would allow for the economic
use of metakaolin as an additive to concrete. Whitemud has secured leases for
one of the largest deposits of kaolin in North America near Wood Mountain in
southern Saskatchewan, 165 kilometres southwest of Regina, and 40 kilometres
north of the US border.
The Common Shares have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and may not be offered or
sold in the United States without registration or an applicable exemption from
the registration requirements of that Act. This news release does not
constitute an offer for sale of these securities in the United States.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Certain statements contained in this press release, including statements
which may contain words such as "could", "should", "expect", "estimate",
"believe", "likely", "will", or estimates of business activity, and similar
expressions and statements relating to matters that are not historical facts,
are forward looking statements. Such statements involve known and unknown
risks and uncertainties that may cause the actual results, performance or
achievements of Whitemud to be materially different from any future results,
performance or achievements expressed or implied by such forward looking
For further information:
For further information: Ron Love, Vice-President, Finance and Chief
Financial Officer; or Kevin Graham, Vice-President, Marketing, both at (403)