CALGARY, ALBERTA--(Marketwired - Aug. 25, 2014) -
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Wilton Resources Inc. ("Wilton" or the "Corporation") (TSX VENTURE:WIL) is pleased to announce that it is proposing to issue, by way of a non-brokered private placement, (the "Offering") up to 1,200,000 units ("Units") of the Corporation at a purchase price of $0.50 per Unit for gross proceeds of up to $600,000, subject to regulatory approval. Each Unit will be comprised of one common share in the capital of the Corporation ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase one Common Share for a period of 12 months from the date of issuance at an exercise price of $1.00. If at any time prior to the expiry of the Warrants the trading price of the Common Shares exceeds $1.50 for a period of 21 consecutive trading days, the issuer may provide notice to the holders of the Warrants that the Warrants will expire 21 days after the date of the notice. The net proceeds of the Offering will be used by the Corporation for general corporate purposes and to execute its corporate strategy by investing in or acquiring large international oil and gas assets.
In certain instances, the Corporation may pay finder's fees to eligible persons ("Finders") on a portion of the Offering consisting of a cash payment equal to 6% of gross proceeds raised from applicable subscriptions in the Offering and the issuance of finder's warrants ("Finder's Warrants") equal to 6% of the gross proceeds raised from applicable subscriptions in the Offering. Each Finder's Warrant will entitle the holder to acquire one additional Common Share at a price of $0.50 for a period of 12 months from the closing date of the Offering (the "Closing Date").
Additional information regarding Wilton Resources is available online on www.sedar.com
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 Offering. 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 approval of the TSX Venture Exchange of the proposed Offering 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 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.