Williams Creek Explorations Limited Issues Flow-Through Shares
25 December 2010 - 10:01AM
Marketwired
Williams Creek Explorations Limited ("WCX", "Williams Creek", or
the "Company") (TSX VENTURE: WCX) is pleased to announce that it
has closed on a non-brokered private placement of Units, each Unit
consisting of one Flow-Through Share and one half of one
non-flow-through warrant (the "Placement"). Gross proceeds from the
Placement are $1.03 million dollars (the hold periods under
Canadian securities laws and requirements of the TSX Venture
Exchange expire April 25, 2011).
In the course of the Placement, Williams Creek has issued
2,783,783 Flow Through Shares at a price of $0.37 per share and
1,391,890 warrants with an exercise price of $0.75 and a duration
of 18 months. Williams Creek has issued an additional 162,161
"finders' warrants", each entitling the purchase of on
non-flow-through share at $0.37 per share for 12 months, and paid
cash finders' fees of $60,000.
The proceeds of the Placement will be used to fund Canadian
Exploration Expenses that Williams Creek intends to accrue in the
course of its exploration of its properties near Barkerville, BC
and Kamloops, BC.
"Flow-Through Shares offer investors the opportunity to
capitalize grassroots exploration in a tax-effective fashion while
allowing companies to limit the dilution of their share capital
base," said Michael R. Sonnenreich, Chairman and CEO of Williams
Creek. "This private placement provides Williams Creek with
additional ammunition for exploration as it continues to pursue its
three-front strategy of exploring, engaging in equity and joint
venture investments, and engaging in debt and royalty
agreements."
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT
FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATIONIN THE
UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES
DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED
STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT
THEREFROM.
About WCX:
Visit http://www.WilliamsCreek.ca to learn more about Williams
Creek Explorations Limited. Williams Creek Explorations Limited is
a Canadian company with the primary purpose of participating
broadly in the natural resource sector, with an emphasis on the
gold subsector, through exploration, joint ventures or other equity
investments.
The Company owns twenty-eight crown granted mineral claims in
the Cariboo Mining Division, and three crown granted mineral claims
in the Kamloops Mining Division, of British Columbia. The Company
also has a net 30% interest in the ATW diamond property in the
MacKenzie Mining District of the Northwest Territories.
This news release may contain forward looking statements
including management's assessments of future plans and operations,
and expectations of future production. These statements are based
on current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to, the risks associated with the mining and exploration
industry (e.g. operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production and the uncertainty of the availability of
capital). The assumptions used in the preparation of such
statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
Neither 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: Williams Creek Explorations Limited Michael
Sonnenreich 514.393.3232 Williams Creek Explorations Limited Dov
Zigler 514.393.3232 www.WilliamsCreek.ca
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