WESTRDIGE ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF UNITS AND GRANTING OF STOCK OPTIONS
Vancouver, British Columbia – December 4, 2017 – Westridge Resources Inc. (“Westridge” or the “Company”) is pleased to announce that it has closed the first tranche of its previously announced private placement (the “Offering”). The Company issued 3,082,165 units (the “Units”) at the price of $0.35 per Unit for aggregate gross proceeds of $1,078,757.75.
The Offering was completed on a non-brokered basis, and the Company paid finder’s fees in accordance with applicable securities law and the policies of the Canadian Securities Exchange (the “CSE”) to an eligible finder (the “Finder”). All securities issued in connection with the Offering are subject to hold periods under applicable Canadian and United States securities laws for a minimum of four months and a day.
Pursuant to the terms of the Offering, each Unit consists 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. The Finder received a cash commission of 8% of the aggregate gross proceeds of the Offering attributable to the Finder and compensation warrants (the “Compensation Warrants”) equal to 8% of the total Units attributable to the Finder, equal to 246,573 Compensation Warrants, that will entitle the holder thereof to acquire that number of common shares in the capital of the Company (the “Common Shares”) pursuant to the Offering at an exercise price of $0.50 per Common Share at any time on or prior to December 4, 2019.
Stock Option Grant
Additionally, the Company is pleased to announce that it is has issued an aggregate of 100,000 stock options (the “Options”) in accordance with the Company’s stock option plan at an exercise price of $0.43 per share for a five year term expiring December 1, 2022. The Options were granted to a consultant 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.