Winslow Resources Inc.
TSX VENTURE : WLR

Winslow Resources Inc.

December 29, 2006 10:10 ET

Winslow Completes Private Placement Financing

CALGARY, ALBERTA--(CCNMatthews - Dec. 29, 2006) - Winslow Resources Inc. (the "Corporation") (TSX VENTURE:WLR) is pleased to announce that it has completed its previously announced brokered private placement and has issued 370,800 units ("Units") and 1,417,400 common shares on a flow through basis ("Flow-Through Shares"), all for the aggregate consideration of $292,870.00.

Each Unit was issued at a subscription price of $0.14 per Unit and consists of one (1) common share ("Common Share") in the share capital of the Corporation and one-half of one (0.5) common share purchase warrant ("Warrant"). Every one (1) Warrant is exercisable into one (1) additional Common Share of the Corporation at an exercise price of $0.18 per Common Share on or before December 22, 2007. Each Flow-Through Share was issued at a subscription price of $0.17 per Flow-Through Share. The private placement shares and Warrants are subject to a hold period of four months, expiring April 23, 2007.

Proceeds from the offering will be used to finance ongoing exploration and development of the Corporation's oil and natural gas properties and for general working capital. Proceeds from the issue of Flow-Through Shares will be used for general exploration expenditures, which will constitute Canadian exploration expenses, as defined in the Income Tax Act (Canada), and will be renounced for the 2006 taxation year.

Evergreen Capital Partners Inc. acted as agent and received a cash commission and non-transferable broker warrants to purchase up to 97,044 Common Shares of the Corporation at an exercise price of $0.15 per Common Share on or before December 22, 2007.

The Corporation's Common Shares trade on the TSX Venture Exchange under the symbol "WLR" and the Corporation currently has 47,123,599 Common Shares issued and outstanding.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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