Business
Aurwest Resources Announces Non-Brokered Private Placement Financing of up to $2,550,000 with Lead Order from Mr. Eric Sprott
Calgary, Alberta--(Newsfile Corp. - May 26, 2021) - Aurwest Resources Corporation (CSE: AWR) ("Aurwest" or the "Company") is pleased to announce that it plans t
About this update from Aurwest Resources Corp.
[{"type":"text","content":" Calgary, Alberta--(Newsfile Corp. - May 26, 2021) - Aurwest Resources Corporation (CSE: AWR) (\"Aurwest\" or the \"Company\") is pleased to announce that it plans to complete a non-brokered private placement (the \"Private Placement\") to raise up to CAD$2,550,000 through the issuance of up to 10,000,000 Flow-Through Units ('FT Units\") at a price of $0.18 per Unit and up to 5,000,000 Ordinary Units (\"Ordinary Units\") at a price of $0.15 per Ordinary Unit. Each FT Unit will consist of one flow-through share at a price of $0.18 and one share purchase warrant (each, a \"FT Warrant\"). Each Warrant will entitle 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 will consist of one common share at a price of $0.15 and one share purchase warrant (each, a \"Ordinary Warrant\"). Each Ordinary Warrant will entitle 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, plans to invest CAD$1,500,000 in the Private Placement, and plans to acquire approximately 5,555,555 FT Units and 3,333,333 Ordinary Units. Mr. Cameron MacDonald, Chairman of Aurwest, commented, \"We are very pleased to welcome Mr. Sprott as a key shareholder in Aurwest. His investment is a strong endorsement of our substantial gold property exposure in Central Newfoundland, and ensures Aurwest is well funded to pursue our exploration plans.\" The proceeds of the Private Placement will be used primarily to fund Aurwest's continuing exploration program in Newfoundland on its expansive 47,800 hectares 100% owned projects at Paradise Lake and Stony Caldera. A portion of the proceeds will also be used to further the Company's exploration program at Stellar, B.C. and for general working capital purposes. The company may pay finder's fee in respect to the Private Placement. Securities issued as a result of the Private Placement will be subject to a statutory hold period of four months and one day. Closing of the Private Placement remains subject to regulatory approval, including approval of the Canadian Securities Exchange. The securities offered have not been, and will not be, registered under the Uni...