West Melville Completes Private Placement Financing And Welcomes New Members Of The Board And Management Team
June 28, 2016
Vancouver, BC – June 28, West Melville Metals Inc. (“West Melville” or the “Company”) (TSX-V: WMM) announces that it has completed a private placement, originally announced on April 22, 2016, consisting of a total of 4,000,000 units (the “Units”) at a price of $0.06 per Unit for gross proceeds of $240,000.
Each Unit is comprised of one common share and one transferable common share purchase warrant exercisable for a term of 3 years (the “Warrants”). Each Warrant entitles the holder thereof to purchase one additional common share of West Melville at an exercise price of $0.10 per common share during the term of the Warrants. The securities issued in connection with the private placement will be subject to a hold period expiring on October 29, 2016.
No finder’s fees were paid in connection with the private placement. The proceeds from the offering will be primarily used for general working capital purposes.
The Company is also pleased to confirm that as announced on April 22, 2016, Craig Roberts and Gary Freeman have now effectively joined the board of directors of the Company and Stephen Swatton has joined the board of directors and has been appointed as the President and Chief Executive Officer of the Company.
On behalf of the Board of Directors,
West Melville Metals Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the use of proceeds from the private placement. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange or the Company’s shareholders will not approve the proposed share consolidation, and that the Company may not be able to raise sufficient additional capital to continue its business. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.comfor a more complete discussion of such risk factors and their potential effects.