VANCOUVER, BC / ACCESSWIRE / May 25, 2020 / Aurwest Resources Corporation ("Aurwest" or the "Company") (CSE:AWR) is pleased to announce further to the Company's news release dated May 6, 2020 the Company has closed its previously announced $160,000 non-brokered private placement ("Offering") and raised an oversubscribed amount for gross proceeds of $266,765 at a price of $0.02 per common share (the "Common Shares").
The management and board of directors of the Company subscribed for 12.56% or 1,675,750 Common Shares of the Offering as a commitment to continue its ongoing financial plan to support the Company, as outlined in its Dissident Proxy Circular dated February 7, 2020.
Colin Christensen, President & CEO commented, "The Company is very pleased with the outcome of this oversubscribed financing in these difficult times as a result of COVID-19 and the challenging equity financing environment. Since taking over the Company on February 28, 2020, we've made strides to clean up the Company and would like to thank all the existing shareholders for their patience and welcome all existing and new shareholders whom participated in this Offering."
Price protection at $0.02 per Common Share was obtained from the Canadian Securities Exchange ("CSE").
The proceeds from the Offering will be used for general corporate purposes as outlined in the Company's May 6, 2020 press release.
A finders' fee of $6,480 cash was paid to PI Financial Corp. and Leede Jones Gable.
All securities issued under this Offering are subject to a statutory hold period expiring four months and one day from issuance. The closing of the Offering, including the issuance of the securities and the finder's fee are subject to the CSE approval.
None of the securities issued in connection with the Offering will be registered under the United States Securities Act of 1933, as amended (the "US Securities Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act.
This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there by any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
On Behalf Of Aurwest resources Corporation
President and Chief Executive Officer
For additional information please contact:
Telephone: (403) 483-8363
About Aurwest Resources Corporation
Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration and development of gold, silver and other precious and base metal properties in North America. The Company currently holds a 100% interest in the Stellar copper/gold Project, located approximately 25 kilometres southwest of Houston British Columbia. The Stellar project consists of the Stellar claims (3,174 hectares) and the Buckley claims (15,317 hectares).
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Aurwest Resources Corporation
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