Winslow Resources Inc.
TSX VENTURE : WLR

Winslow Resources Inc.

April 15, 2005 12:27 ET

Winslow Announces Financing


CALGARY, ALBERTA--(CCNMatthews - Apr. 15, 2005) - Winslow Resources Inc.
("Winslow" or the "Corporation") is pleased to announce that it has agreed to
issue, by way of a private placement, up to 7,500,000 Common Shares at a price
of $0.33 per Common Share for gross proceeds of up to $2,475,000 and up to
2,500,000 common shares on a flow-through basis ("Flow-through Share") at a
price of $0.40 per flow-through share for gross proceeds of $1,000,000 for a
total aggregate consideration of up to $3,475,000. The agent also has the
option, at any time up to 48 hours prior to closing, to arrange for the
placement of up to an additional 3,000,000 Common Shares at a price of $0.33 per
Common Share for additional gross proceeds of up to $990,000.

The private placement is being offered on a best efforts agency basis by Acumen
Capital Finance Partners Limited. The financing is scheduled to close on or
about May 10, 2005 and is conditional on receiving the necessary regulatory
approvals and completion of definitive documentation.

Proceeds from the flow-through shares will, where appropriate, be used to incur
certain types of Canadian Exploration Expense ("CEE") and/or deemed CEE as
defined in the Income Tax Act (Canada) and Winslow will renounce, for the 2005
taxation year, such CEE in favour of original holders of the flow-through shares
in an amount equal to the issue price for each flow-through share. Proceeds from
the Common Shares will be used to explore and drill the Corporation's
undeveloped lands as well as for working capital purposes.

Winslow currently has 22,786,899 common shares issued and outstanding and trades
on the TSX Venture Exchange under the symbol "WLR".

The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this release.

Contact Information

  • Winslow Resources Inc.
    John Nelson
    Interim President, Vice-President, New Ventures
    (403) 355-1175