Business
Aurwest Resources Announces Closing of Oversubscribed Non-Brokered Private Placement of $5,287,684
Calgary, Alberta--(Newsfile Corp. - June 16, 2021) - Aurwest Resources Corporation (CSE: AWR) ("Aurwest" or the "Company") is pleased to announce that due to si
About this update from Aurwest Resources Corp.
[{"type":"text","content":" Calgary, Alberta--(Newsfile Corp. - June 16, 2021) - Aurwest Resources Corporation (CSE: AWR) (\"Aurwest\" or the \"Company\") is pleased to announce that due to significant market demand for its previously announced non-brokered private placement (the \"Private Placement\"), the Company has closed the Private Placement and raised oversubscribed gross proceeds of $5,287,684. The Private Placement was completed through the sale of 12,760,589 Flow-Through Units ('FT Units\") at a price of $0.18 per Unit and 19,938,518 Ordinary Units (\"Ordinary Units\") at a price of $0.15 per Ordinary Unit. Each FT Unit consists of one flow-through share at a price of $0.18 and one share purchase warrant (each, a \"FT Warrant\"). Each Warrant entitles the subscriber to purchase one additional Common Share of the Company at a price of $0.24 for 24 months from the closing date. Each Ordinary Unit consists of one common share at a price of $0.15 and one share purchase warrant (each, a \"Ordinary Warrant\"). Each Ordinary Warrant entitles the subscriber to purchase one additional Common Share at a price of $0.20 for 24 months from the closing date. Mr. Eric Sprott, personally and through 2176423 Ontario Ltd., a corporation which is beneficially owned and controlled by him, acquired ownership of 6,666,667 Ordinary Units and 5,555,555 FT Units for total consideration of $2,000,000 in the Private Placement. Subsequent to the closing of the offering, Mr. Sprott beneficially owns or controls 12,222,222 common shares of the Company and 12,222,222 warrants, representing approximately 12.7% of the issued and outstanding common shares of the Company on a non-diluted basis and approximately 22.6% of the issued and outstanding common shares of the Company on a partially diluted basis assuming exercise of the warrants acquired hereunder and forming part of the units. Prior to the offering, Mr. Sprott did not beneficially own or control any securities of the Company. The Units were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. ...