Vancouver, B.C. – West Melville Metals Inc. (WMM: TSX-V) (“West Melville” or “the Company”)announced today that the non-brokered private placement previously announced on May 6, 2013 (News Release WMM13-04) has been over-subscribed and closed. A total of 10,450,000 units were issued at a price of $0.05 per unit for gross proceeds to the Company of $522,500. This represents an increase of 3,450,000 units over the announced offering.
As previously announced, each unit will consist of one common share and one common share purchase warrant. Each common share purchase warrant will be exercisable into one common share for a period of two years from closing at a price of $0.20 per share, subject to the Company's right to accelerate the exercise of the warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds $0.30 for a period of 10 consecutive trading days during the term of the warrant, commencing four months after the date the warrants are issued.
The securities issued by West Melville in connection with the Offering are subject to a four month hold period as prescribed by the TSX Venture Exchange and applicable securities laws which expires on September 29, 2013. In aggregate, the Company paid the following finders' fees: $18,250 cash commission and 245,000 finder’s warrants with the same terms as the warrants issued under the private placement. The Company intends to use the proceeds of the private placement for general working capital purposes.
About West Melville Metals Inc.
West Melville is an iron ore and specialty metals exploration company working to advance the Fraser Bay iron ore project in Nunavut and the Isortoq iron-titanium-vanadium project in Greenland. The Company has assembled an experienced management team with a track record of discovery success and a Board of Directors with expertise covering the essential fields of geology, engineering and finance. West Melville’s projects offer a combination of low geological risk with significant upside potential in high demand commodity sectors.
On behalf of the Board of Directors
Rory O. Moore, Ph.D.
President and CEO
West Melville Metals Inc.
For further information about West Melville Metals Inc. or this news release, please visit our website at www.westmelville.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at firstname.lastname@example.org.
West Melville Metals Inc. is a member of the Aurora Mineral Resource Group of companies. For more information please visit www.auroraresource.com.
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.
Certain disclosures in this release constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to West Melville's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Other than as required by applicable securities legislation, West Melville expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.