Friday, 20 April 2012

Westridge Resources announces private placement financing

Westridge Resources (CVE:WST) has announced a private placement financing of 255,554 units at a price of 65 cents each, for gross proceeds of $166,110.
The offering is on the same terms as a prior private placement that closed last December, the company said, with total funds to be raised under the the new financing and the one last year equal to $1.17 million.
Each unit will consist of one common share and one-half of one common share purchase warrant. Each warrant will give the holder the right to purchase one additional common share at a price of 85 cents, for a period of 12 months following the closing of the offering.
The close of the financing is subject to final exchange approval.
The company said it will pay a finder's fee in cash, shares and warrants.
Westridge Resources is a Canadian mineral exploration company that recently entered into an option agreement to acquire up to a 100 percent interest in the Charay project, located in Sinaloa State, Mexico.
Charay is a low sulphidation, high grade gold and silver property, which is comprised of five concessions totaling 11,000 hectares. The property is near infrastructure including major highways, railroads, trans-continental power lines and large water sources.
A drilling program on the project that is designed to expand the zone of gold and silver mineralization defined by previous drilling on the El Padre vein, both to depth and along strike, began in the first quarter of this year.

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