Winstar Announces Completion of Financing

    CALGARY, Sept. 12 /CNW/ - Winstar Resources Ltd. ("Winstar" or "the
Company") (TSX: WIX) is pleased to announce that it has closed its previously
announced short form prospectus offering of common shares of the Company. The
offering was effected through a syndicate of underwriters led by Research
Capital Corporation and including Jennings Capital Inc. and FirstEnergy
Capital Corp., and resulted in gross proceeds of $20,000,800.

    This news release shall not constitute an offer to sell or the
solicitation of any offer to buy securities in any jurisdiction. The
securities described in this news release have not been registered under the
United States Securities Exchange Act of 1933, as amended, or any state
securities law, and may not be offered or sold in the United States unless an
exemption from registration is available.

    Forward-Looking Statements

    This press release may contain forward-looking statements.
Forward-looking statements relate to future events or future performance of
Winstar. When used in this press release, the words "may", "would", "could",
"will", "intend", "plan", "anticipate", "believe", "estimate", "predict",
"seek", "propose", "expect", "potential", "continue", and similar expressions,
are intended to identify forward-looking statements. These statements involve
known and unknown risks, uncertainties, and other factors that may cause
actual results or events to differ materially from those anticipated in such
forward-looking statements. Such statements reflect the Company's current
views with respect to certain events, and are subject to certain risks,
uncertainties and assumptions. Many factors could cause the Company's actual
results, performance, or achievements to materially differ from those
described in this press release. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying forward-looking
statements prove incorrect, actual results may vary materially from those
described in this press release as intended, planned, anticipated, believed,
estimated, or expected. The forward-looking statements contained in this press
release are expressly qualified in their entirety by this cautionary
statement. These statements speak only as of the date of this press release.
The Company does not intend and does not assume any obligation, to update
these forward-looking statements to reflect new information, subsequent events
or otherwise, expect as required by law.

    Winstar Resources Ltd. is a Calgary-based junior oil and gas company,
which explores for, develops, produces, and sells crude oil, natural gas
liquids and natural gas in Alberta, Tunisia and Hungary. Winstar's common
shares trade on the Toronto Stock Exchange under the symbol WIX.

For further information:

For further information: Mr. David Monachello, President, Phone (403)
513-4200, Email; Mr. Charles de Mestral, Chief
Executive Officer, Phone: Toll-free (Canada and USA) 1-800-875-1217 (Note: Mr.
de Mestral is based in Europe, in a time zone eight hours ahead of Calgary
time), Email:

Organization Profile

Winstar Resources Ltd.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890