WMR-TSX.V
WMRSF-OTCQX
VANCOUVER, Jan. 22, 2014 /CNW/ - Further to the Company's
news release of November 7, 2013, the
Company advises that it has agreed to amended terms regarding its
private placement with Global Resources Investments Ltd
("GRIL"). The Company will be 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.
In consideration for acquiring the Company's
shares, GRIT will issue and deliver to the Company, 560,004
ordinary shares of GRIT at £1.00 per
share (the "GRIT Shares"). The Company 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 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"
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 statements set out in this News
Release constitute forward-looking statements.
Forward-looking statements (i) are often, but not always,
identified by the use of words such as "expect", "may", "could",
"anticipate", or "will", and similar expressions; (ii) may describe
expectations, opinions or guidance that are not statements of fact
and which may be based upon information provided by third parties,
or upon the opinions, expectations and estimates of management of
the Company as at the date the statements are made; (iii) are
subject to a variety of known and unknown risks and uncertainties
and other factors that could cause actual events or outcomes to
differ materially from those anticipated or implied by such
forward-looking statements. In particular there is no assurance
that (i) the Company will be able to close the proposed share swap
with GRIT on the terms outlined above, or at all; (ii) that the
Company will realize at least £1.00
per GRIT share upon the sale thereof; and (iii) the Company will
realize proceeds from the sale of the GRIT shares in a timely
manner.
SOURCE Westminster Resources Ltd.
