KWG Resources Inc.
TSX VENTURE : KWG

KWG Resources Inc.

November 01, 2007 10:01 ET

KWG Resources Inc.: Closing of $3 Million Private Placements

MONTREAL, CANADA--(Marketwire - Nov. 1, 2007) - KWG Resources Inc. (TSX VENTURE:KWG) reports that it has completed private placements of $1,500,000 of units at $0.065 each and $1,500,000 of flow-through units at $0.08 each. Each unit is comprised of one share and one warrant entitling its holder to purchase an additional share from treasury at $0.10 at any time within 2 years. Each flow-through unit is comprised of one flow-through share and one-half share purchase warrant with each whole warrant entitling its holder to purchase an additional share from treasury at $0.12 at any time within 2 years. Northern Securities Inc., who acted as agent, was paid a cash commission of 7% and 4,182,692 broker warrants, exercisable at $0.065 each for two years, representing 10% of the number of units and flow-through units sold. The units issuable on the exercise of the broker warrants are comprised of one share and one warrant entitling its holder to purchase an additional share from treasury at $0.10 at any time within 2 years. All securities issued pursuant to the private placements have a hold period of four months ending March 1, 2008. Proceeds will be used to fund the upcoming exploration programs of the Company and for working capital.

Shares issued and outstanding: 202,277,248

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
    416-642-3575
    514-866-6193 (FAX)
    or
    KWG Resources Inc.
    Michel Cote
    Director
    514-866-6001. Ext. 266
    514-866-6193 (FAX)
    www.kwgresources.com