ComWest Enterprise Announces Private Placement & Grant of Options
31 October 2009 - 12:00AM
Marketwired
ComWest Enterprise Corp. (TSX VENTURE: CWP)(TSX VENTURE: CWP.A)
(the "Company") announces that the Company is proceeding with a
non-brokered private placement of up to 1,000,000 units at a price
of $0.20 per unit for gross proceeds of up to $200,000. Each unit
will consist of one Class B common share in the capital of the
Company and one share purchase warrant (a "Warrant"). Each Warrant
entitles the holder to purchase one Class A restricted equity share
over a two-year period, at a price of $0.20 per share. A majority
of the placement may be acquired by insiders of the Company.
The net proceeds from the private placement will be used to
finance the estimated $125,000 in out-of-pocket costs of the recent
consolidation and for general working capital purposes.
Pursuant to the Company's stock option plan, the Company has
granted directors and officers options to purchase 200,000 Class A
restricted equity shares. The options are for a five (5) year term
exercisable at a price of $0.20 per share.
The private placement and the stock options are subject to TSX
Venture Exchange approval.
ON BEHALF OF THE BOARD
Douglas F. Good, President
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.
Contacts: ComWest Enterprise Corp. - Investor Relations Douglas
F. Good President 604 484 6628 dgood@telus.net
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