|
|
 |
 |
|
| | September 14, 2009
Weststar Announces Closing Of Financing With Mineralfields Group
|
| | Vancouver, BC - September 14, 2009: Weststar Resources Corp. (TSX-V: WER) (the "Company") is pleased to announce closing of a non-brokered private placement of $500,000 through the sale of 5,000,000 flow-through units at $0.10 each to limited partnerships within the MineralsFields Group. Each unit consists of one flow-through common share and one share purchase warrant, each warrant exercisable into one non flow-through common share for a period of two years from the date of issue at a price of $0.15 per share.
The Company will pay $25,000 and issue 500,000 options to purchase units of the Company to Limited Market Dealer Inc. as a finder's fee on the placement. Each option authorizes Limited Market Dealer to purchase a unit of the Company for a period of two years at a price of $0.10 per unit. Each unit consists of one non flow-through common share and one share purchase warrant, each warrant exercisable into an additional non flow-through common share for a period of two years at a price of $0.15 per share.
All securities issued under the placement are subject to hold periods expiring December 20, 2009.
The proceeds of this financing will be used toward further advancement of the Company's recently acquired Golden Fox and McKinnon properties in the Yukon and toward a fall drill program on the Axe copper gold property in Princeton, B.C.
"We are very pleased to be entering into this relationship with MineralFields Group," said Mitchell Adam, President. "This is an important milestone in the growth of Weststar Resources Corp. and we look forward to working with MineralFields Group as we develop our holdings in the Yukon and British Columbia."
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (r) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.
About the Company: Weststar Resources Corp. (WER: TSX-V) is a mineral exploration company focused on discovering and advancing mineral properties by utilizing modern geological science to evaluate historical known discoveries. Weststar offers the potential for rapid corporate growth and asset appreciation. Weststar's portfolio is currently focused in Canada. For further info on the Company please visit www.weststarresources.com or email info@weststarresources.com Telephone: 604-669-9330.
On Behalf of the Board
Mitchell Adam, President
Weststar Resources Corp.
Neither the 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. WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. |
| |
| | You can view the Next News Releases item: Tue Oct 20, 2009, Weststar Commences Drill Program On Axe Property
You can view the Previous News Releases item: Thu Sep 10, 2009, Weststar Announces Exploration Program on the Axe Property
You can return to the main News Releases page, or press the Back button on your browser.
|
|
|
