KWG Resources Inc.

KWG Resources Inc.

December 24, 2007 09:51 ET

KWG Closes First Tranche of Private Placement

TORONTO, CANADA--(Marketwire - Dec. 24, 2007) - KWG Resources Inc (TSX VENTURE:KWG) has closed a first tranche of its previously announced private placement of units and flow-through units for proceeds of $2.1 million. A second tranche is expected to close before year's end. The first tranche included $1.66 million of flow-through units priced at $0.12, with each unit made up of one flow-through share and one-half of a share purchase warrant exercisable for two years at $0.18. The balance was comprised of units at $0.10 each including one share and one share purchase warrant exercisable for two years at $0.15. All securities are subject to a hold period of for months ending April 22, 2008. Northern Securities Inc. is acting as agent for the private placement.

Shares issued and outstanding: 244,604,171

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • KWG Resources Inc.
    Frank C. Smeenk
    President and CEO
    514-866-6193 (FAX)
    KWG Resources Inc.
    Michel Cote
    514-866-6001 - Ext. 266
    514-866-6193 (FAX)