Winslow Resources Inc.
TSX VENTURE : WLR

Winslow Resources Inc.

May 12, 2005 12:37 ET

Winslow Completes Fully Subscribed Private Placement Financing

CALGARY, ALBERTA--(CCNMatthews - May 12, 2005) - Winslow Resources Inc. (the "Corporation") is pleased to announce that it has completed its previously announced brokered private placement and has issued 10,732,000 Common Shares at $0.33 per Common Share and 2,500,000 common shares on a flow through basis ("Flow-Through Shares") at $0.40 per Flow-Through Share, all for the aggregate consideration of $4,541,560. The private placement shares are subject to a hold period of four months, expiring September 13, 2005.

The Corporation intends to use the proceeds from the private placement to fund part of its 2005 capital exploration program, incur and renounce qualifying expenditures to the subscribers of Flow-Through Shares, and for working capital purposes.

Acumen Capital Finance Partners Limited acted as agent and received a cash commission and non-transferable broker warrants to purchase up to 396,960 Common Shares of the Corporation at an exercise price of $0.40 per share on or before May 12, 2006.

The Corporation's Common Shares trade on the TSX Venture Exchange under the symbol "WLR" and the Corporation currently has 36,043,899 Common Shares issued and outstanding.

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