VANCOUVER, Nov. 7, 2013 /CNW/ – Westminster Resources Ltd announces it has settled on terms to undertake a private placement with Global Resources Investments Ltd (“GRIL”). Westminster is seeking to raise $1,000,000 through the sale of 20,000,000 common shares at $0.05 per share.
GRIL has been established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth. GRIL will re-register as a public company and be constituted as an investment trust with the name Global Resources Investment Trust Plc (“GRIT”) and seek admission of its ordinary shares on the main market for listed securities on the London Stock Exchange. The Main Market is the London Stock Exchange’s flagship market for larger, more established companies, and is the world’s most international market for the trading of equity, debt and other securities with over 2,600 listed companies from 60 countries across 40 sectors, including many of the world’s largest, most successful and most dynamic companies.
In consideration for acquiring the Westminster shares, GRIT will issue and deliver to Westminster 601,395 ordinary shares of GRIT at £1.00 per share (the “GRIT Shares”). Westminster will then sell the GRIT Shares through the facilities of the London Stock Exchange to realize the private placement proceeds. After closing of the transaction GRIT will own 18.70% of Westminster’s issued and outstanding shares. A finder’s fee commensurate with TSX Venture Exchange policies will be paid.
Closing of the transaction is subject to a number of conditions precedent, including approval of the TSX Venture Exchange, and GRIT successfully listing on the London Stock Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
WESTMINSTER RESOURCES LTD.
“Glen J. Indra”
Managed by an experienced exploration team the Company is focused on exploring and developing prospects on a land package of approximately 51,767 hectares of contiguous mineral concessions in Sonora, Mexico. These concessions constitute a mineral district scale property serviced by roads, power and water. Approximately 10,109 hectares comprise the Cumbral-San Bartolo option project with Capstone Mining Corp. Capstone has secured a 49% interest in the project having spent $3.3 million to date; Capstone Mining Corp. has the exclusive right under a formal Joint Venture Agreement to earn a further 11% interest by expending an additional $3 million by December 31, 2014 and can earn a further 10% interest by expending an additional $3 million before December 31, 2015, bringing their total expenditures to $9.3 million to earn a 70% interest.
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release may include, but is not limited to, the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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SOURCE Westminster Resources Ltd.