Wilton Resources Inc.
TSX VENTURE : WIL

April 01, 2016 17:09 ET

Wilton Resources Inc. Announces Closing of Private Placement Financing

CALGARY, ALBERTA--(Marketwired - April 1, 2016) -

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Wilton Resources Inc. (the "Corporation") (TSX VENTURE:WIL) is pleased to announce that further to its press release dated March 31, 2016, it has successfully completed the second tranche of its previously announced non-brokered private placement (the "Private Placement").

Under the second tranche of the Private Placement, the Corporation issued 2,725,500 units ("Units") of the Corporation at a purchase price of $0.40 per Unit for gross proceeds of $1,090,200. Each Unit consists of one common share in the capital of the Corporation ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one Common Share for a period of 24 months from the date of issuance at an exercise price of $0.60. If at any time prior to the expiry of the Warrants the trading price of the Common Shares exceeds $1.25 for a period of 21 consecutive trading days, the Corporation may provide notice to the holders of the Warrants that the Warrants will expire 21 days after the date of the notice.

The Corporation paid an aggregate finder's fee of $76,314 to certain arm's length finders for placing the Units under the Private Placement and issued 190,785 finder's warrants ("Finder's Warrants") equal to 7% of the gross proceeds raised from applicable subscriptions in the Private Placement. Each Finder's Warrant entitles the holder to acquire one additional Common Share at a price of $0.40 for a period of 24 months from the closing date of the Private Placement.

The net proceeds of the Private Placement will be used by the Corporation for general corporate purposes and future working capital. All securities issued under the Private Placement will be subject to a statutory four month hold period from the date of issue, and such other restrictions as are required by applicable securities laws.

Forward-Looking Information

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information with respect to the Corporation's use of net proceeds from the Private Placement. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The material facts and assumptions include obtaining final approval of the TSX Venture Exchange of the proposed Private Placement and the intended use of proceeds remaining in the best interests of the Corporation. The Corporation cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the content of this release.

Contact Information

  • Wilton Resources Inc.
    Richard Anderson
    Chief Executive Officer
    (403) 619-6609