Winwell Ventures Inc.

December 01, 2010 16:15 ET

Winwell Ventures Proceeds with Share Consolidation and Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2010) - Winwell Ventures Inc. (the "Company") announces that the directors of the Company have approved the consolidation of the Company's common shares on a one new for ten old (1:10) basis (the "Consolidation"). The Consolidation is expected to be completed prior to year end.

Management of the Company believes that the Consolidation is required in order to attract the financing needed to reactivate the Company and enable it to find a business or property to acquire. The Company will not be changing its name as part of the Consolidation.

The Company currently has 5,059,734 issued and outstanding common shares. The Company does not have any outstanding stock options or warrants. On completion of the Consolidation, the Company will have approximately 505,973 shares issued and outstanding. The exact number of post-Consolidation shares will vary depending upon the fractions that occur when each shareholder's holdings are consolidated.

The Company is pleased to announce that, following the completion of the Consolidation, it intends to carry out a non-brokered private placement of 20,650,000 common shares at a price of $0.05 per share for aggregate gross proceeds of $1,032,500.

The net proceeds will be used for general working capital purposes and future business opportunities.

ON BEHALF OF THE BOARD

Murray Oliver, Director

Contact Information

  • Winwell Ventures Inc.
    Murray Oliver
    Director
    604-687-0888
    604-687-0885 (FAX)