Business
Western Resources Corp. Announces Rights Offering
VANCOUVER, British Columbia, March 06, 2019 (GLOBE NEWSWIRE) -- Western Resources Corp. (TSX: WRX) ("Western" or the "Company") announces that it will conduct a
About this update from Western Resources Corp
[{"type":"text","content":" VANCOUVER, British Columbia, March 06, 2019 (GLOBE NEWSWIRE) -- Western Resources Corp. (TSX: WRX) (\"Western\" or the \"Company\") announces that it will conduct an offering (the \"Rights Offering\") of rights (\"Rights\") to raise gross proceeds of approximately C$11 million. Pursuant to the rights offering circular (the \"Rights Offering Circular\") and the notice of rights offering (the \"Notice of Rights Offering\"), each eligible registered shareholder of the Company resident in Canada holding common shares (\"Share\") as at the close of business on March 14, 2019 (the \"Record Date\") will receive one (1) Right for every one (1) Share held. Each Right will entitle the holder to subscribe for one Share at a subscription price of C$0.12 per Share (the \"Basic Subscription Privilege\"). Shareholders who fully exercise their Rights under the Basic Subscription Privilege will also be entitled to subscribe for additional Shares, on a pro rata basis, if available as a result of unexercised Rights prior to the Expiry Time (the \"Additional Subscription Privilege\"), subject to certain limitations as set out in the Company's Rights Offering Circular. The Rights will be listed and posted for trading on the Toronto Stock Exchange under the symbol \"WRX.RT\" on a \"when issued\" basis commencing on March 13, 2019 and will expire at 5:00 p.m. (Toronto time) (the \"Expiry Time\") on April 9, 2019, after which time unexercised Rights will be void and of no value. The Company currently has 93,437,110 Shares issued and outstanding. If all Rights issued under the Rights Offering are validly exercised, additional 93,437,110 Shares would be issued. The Company intends to use the net proceeds of the Rights Offering to advance the Milestone Potash Project and for general corporate purposes. A Notice of Rights Offering and a rights certificate will be mailed to each registered shareholder of the Company resident in Canada as at the Record Date. Registered shareholders who wish to exercise their rights must forward the completed rights certificate, together with the applicable funds, to the rights agent, Computershare Investor Services Inc., on or before the Expiry Time. Shareholders who own their Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their interm...