CALGARY, Alberta, Aug. 08, 2017 (GLOBE NEWSWIRE) -- Wilton Resources Inc. (the “Corporation”) (TSXV:WIL) is pleased to announce that further to its press release dated August 2, 2017, it has successfully completed its previously announced non-brokered private placement (the “Private Placement”).
Pursuant to the Private Placement, the Corporation issued 5,000,000 units (“Units”) of the Corporation at a purchase price of $0.80 per Unit for gross proceeds of $4,000,000. Each Unit consists of one common share in the capital of the Corporation (“Common Share”) and one common share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one Common Share for a period of 24 months from the date of issuance at an exercise price of $1.20.
The Corporation paid an aggregate cash finder’s fee of $240,000 representing 6% of the gross proceeds raised from subscriptions in the Private Placement and issued 300,000 finder’s warrants (“Finder’s Warrants”) representing 6% of the number of Units issued under the Private Placement, to a certain arm’s length finders for introducing the Corporation to the subscribers to the Private Placement. Each Finder’s Warrant entitles the holder to acquire one additional Common Share at a price of $0.80 for a period of 24 months from the closing date of the Private Placement.
The net proceeds of the Private Placement will be used by the Corporation for general corporate purposes, working capital and to satisfy outstanding obligations of the Corporation in relation to identifying and acquiring certain international oil and gas interests. All securities issued under the Private Placement will be subject to a statutory four month hold period from the date of issue.
For more information concerning the Corporation, please refer to the Corporation’s profile on the SEDAR website at www.sedar.com.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “intend”, “may”, “will”, “expect”, and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information with respect to the principal use of the proceeds of the Offering. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The material facts and assumptions include obtaining final approval of the TSXV of the Private Placement and the intended use of proceeds remaining in the best interests of the Corporation. The Corporation cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
For more information, please contact:
Wilton Resources Inc.
Chief Executive Officer and President
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