Business
WINDSTORM ANNOUNCES CLOSE OF FIRST TRANCHE OF BROKERED PRIVATE PLACEMENT FOR PROCEEDS OF $2,025,000
Feb. 15, 2011 (TheNewswire.ca) -- Windstorm Resources Inc. (TSX-V: WSR, "Windstorm" or "the ...
About this update from Western Star Resources, Inc.
[{"type":"text","content":"\nWINDSTORM ANNOUNCES CLOSE OF FIRST TRANCHE OF BROKERED PRIVATE PLACEMENT FOR PROCEEDS OF $2,025,000\n\n\n Feb. 15, 2011 (TheNewswire.ca) -- Windstorm Resources Inc. (TSX-V: WSR, \"Windstorm\" or \"the Company\") is pleased to announce that it has closed the first tranche of the brokered private placement announced in its news release dated January 20, 2011, and has issued 5,062,500 Units for gross proceeds of $2,025,000. Each Unit consists of one common share of Windstorm (a \"Share\") and one half of one common share purchase warrant (a \"Warrant\"). Each whole Warrant will entitle the holder thereof to purchase one Share at a price of $0.55 per Share until February 15, 2013. If, after the hold period expiring June 16, 2011, the volume weighted average price for the Company's shares is $1.00 or greater for a period of 15 consecutive trading days, then, on notice from the Company, the Warrant holders will have 20 days to exercise their Warrants; otherwise the Warrants will expire on the 21st day following the notice.The Company paid Industrial Alliance (TSX:IAG.A) Securities Inc. and Secutor Capital Management Corporation (together, the \"Agent\") the aggregate sum of $185,231.25 comprised of (a) the sum of $141,750 in payment of the 7 % cash commission; (b) the sum of $28,481.25 for out-of-pocket expenses of the Agents, including legal fees, and (c) the sum of $15,000 in payment of a corporate finance fee. In addition, the Company issued to the Agent 354,376 warrants (the \"Agent Warrants\") to acquire that number of Shares (\"Agent Warrant Shares\") equal to 7% of the Units sold under the Offering. Each Agent Warrant will be exercisable at $0.55 per Agent Warrant Share until February 15, 2013.All securities issued in the closing of the first tranche will be subject to a hold period expiring June 16, 2011.The proceeds from the Offering will be used by Windstorm for exploration expenditures on the Caldera property in Mexico and for working capital. The road accessible Caldera project was discovered by Almaden Minerals Ltd. (AMEX:AAU) (TSX:AMM) (TSX: AMM; AMEX: AAU -- \"Almaden\") in 2007 and lies at the eastern end of the Trans Mexican Volcanic Belt,10 km from Almaden's new Ixtaca Zone discovery on its Tuligtic property. Windstorm has the right to earn up to a 60% interest in the Caldera project by issuing 1,000,000 shares to ...