VANCOUVER, BC / ACCESSWIRE / December 23, 2020 / Westbridge Energy Corporation (TSXV:WEB.H) ("Westbridge" or the "Company") is pleased to announce the appointment of Marcus Yang to its board of directors effective December 4, 2020.
Mr. Yang is an experienced corporate financier and qualified Chartered Professional Accountant of Ontario & Canada. He also holds a Chartered Institute for Securities & Investment Level 3 Certificate and FCA (UK) approved person with CF30 functions.
Mr. Yang has over twenty years of banking and corporate finance experience gained from global financial and banking institutions. He has work experiences from KPMG and Deloitte as well as extensive banking experience from GE Capital and The Royal Bank of Scotland in London, UK. Most recently, he was a member of a London based, independent investment firm, Channel Capital Advisors, advising and arranging structured credit products for their global investors. He is a graduate of Wilfrid Laurier University (Waterloo, Canada) with a BA in Economics and Accounting.
The Company also wishes to announce that it has completed a non-brokered private placement financing to raise aggregate gross proceeds of CDN$334,371, pursuant to which it issued an aggregate of 5,572,862 units (each, a "Unit") at a price of CDN $0.06 per Unit (the "Financing").
Each Unit consists of one common share (a "Share") in the capital of the Company and one-half of one transferable common share purchase warrant (each whole such common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional Share at a price of CDN$0.08 for a period of twelve months from the closing date of the Financing.
Proceeds from the Financing are intended to be used for general working capital. Reporting insiders of the Corporation have participated in the Financing for proceeds of $81,000 under the same terms and conditions as the other investors. The participation of these insiders is exempt from the formal valuation and shareholder approval requirements under Multilateral Instrument 61-101 respecting Protection of Minority Holders in Special Transactions. The exemption is based on the fact that the market value of such participation or the consideration paid by such insiders does not exceed, in the aggregate, 25% of the market capitalization of the Company. The securities issued in connection with the Financing are subject to final approval of the NEX board of the TSX Venture Exchange (the "Exchange") and are subject to a statutory hold period expiring on April 24, 2021. No finder's fee was paid in connection with this Financing.
On behalf of the Board of Directors
Scott M. Kelly
CEO
Westbridge Energy Corporation
604-687-7767
skelly@westbridgecorp.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.
Although the Company believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements. The Company disclaims any responsibility to update any such forward looking statements, other than as required by applicable law.
SOURCE: Westbridge Energy Corporation
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