WESTRIDGE ANNOUNCES BROKERED PRIVATE PLACEMENT OF UNITS AND GRANTING OF STOCK OPTIONS
Vancouver, British Columbia – October 20, 2017 – Westridge Resources Inc. (“Westridge” or the “Company”), is pleased to announce that it has retained Mackie Research Capital Corporation (the “Agent”) to act as exclusive lead agent in connection with a best-efforts brokered private placement of up to 12,000,000 units of the Company (the “Units”) at a price of $0.35 per Unit for aggregate gross proceeds of up to $4.2 million (the “Offering”). The net proceeds received from the Offering will be used for general working capital of the Company.
Each Unit will consist of one common share in the capital of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share in the Capital of the Company (a “Warrant Share”) at a price of $0.50 per Warrant share for a period of 24 months from the closing of the Offering.
In connection with the Offering, the Agent will be entitled to a sales commission of 8% of the aggregate gross proceeds of the Units sold and the Company will issue to the Agent, Share purchase warrants (the “Agent’s Warrants”) equal to 8% of the number of securities issued under the Offering.
All of the securities issuable in connection with the offering will be subject to a hold period expiring four months and one day after the date of issuance. Closing of the Offering is subject to receipt of all necessary regulatory approvals.
Stock Option Grant
Additionally, the Company wishes to announce that is has issued an aggregate of 375,000 stock options (the “Options”) in accordance with the Company’s stock option plan at an exercise price of $0.35 per share for a five-year term expiring October 20, 2022. The Options were granted to directors, officers and consultants of the Company. The Options vest as of the date of the grant. The Options and any common shares issued upon exercise will be subject to a four month and a day resale restriction from the date of grant.
For further information on Westridge Resources Inc. please contact the Company at 604-565-5100
ON BEHALF OF THE BOARD
President and CEO
The CSE has neither approved nor disapproved the information contained herein.