Consolidated Westview Resource Corp.
NEX BOARD : CWS.H

November 16, 2007 16:09 ET

Consolidated Westview Resource Corporation: Capital Reorganization

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2007) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Consolidated Westview Resource Corporation ("Westview") (NEX:CWS.H) announced today that it has entered into an agreement (the "Agreement") with EastWest Gold Corporation ("EastWest") and Mark Wayne of Calgary, Alberta, that provides for a series of transactions to strengthen its financial position. The principal terms of the Agreement are as follows:

- EastWest has agreed to accept 5,307,494 treasury common shares of Westview in settlement of all debt ($1,326,873.56) owing to EastWest by Westview, representing a deemed issuance price of $.25 per share.

- EastWest has agreed to sell 7,818,357 Westview common shares to Mr. Wayne, who is currently the President and a director of Westview. After this transaction, Mr. Wayne will hold 55.3% of the 14,143,045 outstanding Westview common shares and EastWest will hold 1,400,161 Westview common shares, representing 9.9% of the total shares outstanding.

- EastWest will have the right to participate in any future financings by Westview in order to maintain its 9.9% equity interest.

Westview also announced today that it intends to undertake a non-brokered private placement to raise $300,000 by the issuance of 1,200,000 units at $.25 per unit, each unit consisting of one Westview common share and a half warrant. Each whole warrant will entitle the holder to purchase one Westview common share at $.40 for a period of one year from the closing date.

The transactions with EastWest and the private placement are expected to close prior to year end, subject to receipt of all required regulatory approvals. All securities issued from treasury pursuant to the transactions will be subject to a four-month hold period.

On Behalf of Consolidated Westview Resource Corporation

Mark Wayne, Director (403) 705-4968

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange neither approves nor disapproves the information contained in this news release.

Contact Information

  • Consolidated Westview Resource Corporation
    Mark Wayne
    Director
    (403) 705-4968