Weda Bay Minerals Inc.
TSX : WDA

Weda Bay Minerals Inc.

September 09, 2005 23:00 ET

Weda Bay Closes Non-Brokered Private Placement

TORONTO, ONTARIO--(CCNMatthews - Sept. 9, 2005) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES

Weda Bay Minerals (TSX:WDA) (the "Company") announced today that it has closed a non-brokered private placement to Regent Resources Capital Corp. that was entered into on August 22, 2005. In terms of the placement, 1,500,000 Units (each Unit consisting of one common share and one-half of one common share purchase warrant) were sold. The Unit was placed at C$0.45 and each whole warrant will entitle the holder to purchase one common share of the Company at a price of C$0.75 for 12 months from the closing date. The proceeds from the private placement will be used for general corporate purposes.

The securities placed have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Weda Bay Minerals Inc. (WDA) is an exploration and development company that controls the Halmahera Nickel Cobalt Project which is globally one of the largest undeveloped nickel projects. The project resources are 155 million tonnes grading 1.45% Ni and 0.09% Co of measured and indicated resources plus 123 million tonnes grading 1.53% Ni and 0.08% Co of inferred resource. Resource estimates are at a cutoff grade of 1.0% Ni. The Company has completed an independent Pre Feasibility Study which concludes that the Halmahera project is highly viable.

Shares Issued and Outstanding: 36,937,535

Contact Information

  • Weda Bay Minerals Inc.
    Mr. Patrick Evans
    President and CEO
    (416) 603-0591
    (416) 367-3638 (FAX)
    or
    Weda Bay Minerals Inc.
    Mr. Ian Shaw
    Investor Relations
    (416) 603-0591
    (416) 367-3638 (FAX)
    info@wedabay.com
    www.wedabay.com