VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 4, 2013) - WestKam Gold Corp. (TSX VENTURE:WKG) ("WestKam" or the "Company") has entered into a share exchange agreement with Global Resources Investments Ltd. ("GRIL"), an arm's length party to the Company.
GRIL has been established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth. GRIL will re-register as a public company and be constituted as an investment trust with the name Global Resources Investment Trust Plc ("GRIT") and seek admission of its ordinary shares on the main market for listed securities on the London Stock Exchange.
Pursuant to the share exchange agreement, GRIT will issue and deliver to WestKam 213,701 ordinary shares of GRIT at a deemed price of £1.00 per share (the "GRIT Shares") in exchange for the issuance of 7,000,000 units of WestKam at a deemed price of £0.031 (approximately $0.05) per unit. Each unit consists of one common share and one common share purchase warrant exercisable at $0.05 per share for a period of 5 years. The Company will, at its election, sell the GRIT Shares through the facilities of the London Stock Exchange to realize proceeds of the transaction.
Closing of the transaction is subject to a number of conditions precedent, including approval of the TSX Venture Exchange, and GRIT successfully listing on the London Stock Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS:
Matt Wayrynen, President
|WestKam Gold Corp.
|Suite 900, 570 Granville Street
|Vancouver, BC V6C 3P1
Forward looking statements: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release contains statements that are forward looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward looking statements.