Westward Explorations Ltd.

Westward Explorations Ltd.

April 25, 2008 18:58 ET

Westward Announces Closing of Its Previously Announced Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 25, 2008) - Westward Explorations Ltd. (The "Company") (TSX VENTURE:WWE) has completed a private placement of 40,000,000 units at $0.05 per unit. Each unit comprises a share of the Company and a two year warrant entitling the holder to purchase an additional share at $0.10 per share. Proceeds of $2 million will be used to fund the search for significant assets in the natural resource sector and for working capital. Endeavour Financial received a finders fee of 2,000,000 units in connection with the private placement. All securities issued pursuant to the private placement are subject to a four month hold period expiring August 26, 2008.

The private placement resulted in a change of control to Radcliffe Foundation, a charitable foundation under the control and direction of Frank Giustra. The change of control received the written consent of holders of a majority of the company's outstanding shares.

Under the private placement, Radcliffe Foundation acquired 11,880,000 units and Frank Giustra acquired 1,275,000 units. Radcliffe Foundation also acquired 1,665,000 shares of the company in a private transaction. As a result of these acquisitions, Radcliffe Foundation and Frank Giustra, acting jointly and in concert in respect of the purchase of these securities, hold 24% of the outstanding shares of the company (37.3% assuming exercise of the warrants).

On behalf of the Board of Westward Explorations Ltd.

John Pallot, President

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

Contact Information

  • Westward Explorations Ltd.
    John Pallot
    (604) 688-1508
    (604) 601-8253 (FAX)