(CSE: WRW) March 20, 2017 – Winston Resources Inc. has announced that due to increased demand, the company has increased its equity financing from $2.5 million to $2.9 million.
Winston will complete an equity financing by way of private placement consisting of the sale up to 11.6 million units of the company, each consisting of one share and one share purchase warrant exercisable at 50 cents for a period of 24 months after issuance, to raise up to an aggregate of $2.9 million at a price of 25 cents per unit.
All securities issued in connection with the financing will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation. The financing may be offered pursuant to exemptions available under British Columbia Instrument 45-536.
The net proceeds from the concurrent financing will be used by the company for costs relating to the transaction and for general working capital and to finance expenses related to the proposed transaction as described Feb 27, 2017. The company may pay finders’ fees on the financing and on the transaction within the amount permitted by applicable securities laws and CSE policies. Closing of the financing is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.