WILTON RESOURCES INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENT FINANCING
Calgary, Alberta, August 8, 2017 – Wilton Resources Inc. (the “Corporation”) (TSXV: WIL) is pleased to announce that further to its press release dated August 2, 2017, it has successfully completed its previously announced non-brokered private placement (the “Private Placement”).
Pursuant to the Private Placement, the Corporation issued 5,000,000 units (“Units”) of the Corporation at a purchase price of $0.80 per Unit for gross proceeds of $4,000,000. Each Unit consists of one common share in the capital of the Corporation (“Common Share”) and one common share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one Common Share for a period of 24 months from the date of issuance at an exercise price of $1.20.
The Corporation paid an aggregate cash finder’s fee of $240,000 representing 6% of the gross proceeds raised from subscriptions in the Private Placement and issued 300,000 finder’s warrants (“Finder’s Warrants”) representing 6% of the number of Units issued under the Private Placement, to a certain arm’s length finders for introducing the Corporation to the subscribers to the Private Placement. Each Finder’s Warrant entitles the holder to acquire one additional Common Share at a price of $0.80 for a period of 24 months from the closing date of the Private Placement.
The net proceeds of the Private Placement will be used by the Corporation for general corporate purposes, working capital and to satisfy outstanding obligations of the Corporation in relation to identifying and acquiring certain international oil and gas interests. All securities issued under the Private Placement will be subject to a statutory four month hold period from the date of issue.
For more information concerning the Corporation, please refer to the Corporation’s profile on the SEDAR website at www.sedar.com.
For more information, please contact:
Wilton Resources Inc.
Chief Executive Officer and President
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