WMR-TSX.V
WMRSF-OTCQX
VANCOUVER, March 7, 2014 /CNW/ - Further to the Company's
news release of February 11, 2014,
the Company announces that it has closed its securities exchange
with Global Resources Investment Trust plc ("GRIT").
The Company issued 20,000,000 common shares at
$0.06 per share to GRIT, in exchange
for 659,880 ordinary shares of GRIT (the "GRIT Shares"), at the
deemed price of £1.00 per GRIT
Share. The securities issued to GRIT are subject to resale
restrictions expiring July 8,
2014.
The Company will now seek to sell the GRIT
Shares through the facilities of the London Stock Exchange.
During the first six months, all sales of GRIT Shares will be
arranged by GRIT. While the Company will seek to maximize the
proceeds it receives from the sale of its GRIT Shares, there is no
assurance as to the timing of disposition or the amount that will
be realized. Funds realized from the sale of the GRIT Shares
will be used by the Company for working capital purposes.
The GRIT Shares were distributed pursuant to a
prospectus published by GRIT in the UK on February 28, 2014. GRIT's application to
list its ordinary shares on the premium listing segment of the
Official List and to trade on the London Stock Exchange's main
market became effective today. GRIT's distribution of the
GRIT Shares to the Company and other Canadian based issuers was
also made pursuant to a discretionary exemption order granted by
the Ontario and British Columbia
Securities Commissions by order dated November 13, 2013.
GRIT has been established to exploit investment
opportunities in the junior mining and natural resources sectors
worldwide, with an investment objective to generate medium and
long-term capital growth. GRIT has conducted share
exchange transactions with 41 junior resource companies (32
headquartered in Canada),
acquiring an initial portfolio of their securities in exchange for
39,520,012 ordinary shares having a deemed value of £39,520,012 (approximately C$73,250,000).
A finder's fee commensurate with TSX Venture Exchange policies
will be paid.
ON BEHALF OF THE BOARD OF DIRECTORS
WESTMINSTER RESOURCES LTD.
"Glen J. Indra"
Neither the 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.
Certain statements set out in this News
Release constitute forward-looking statements. Forward-looking
statements (i) are often, but not always, identified by the use of
words such as "expect", "may", "could", "anticipate", or "will",
and similar expressions; (ii) are subject to a variety of known and
unknown risks and uncertainties and other factors that could cause
actual events or outcomes to differ materially from those
anticipated or implied by such forward-looking statements. In
particular there is no assurance that the Company will realize at
least £1.00 per GRIT Share upon the
sale thereof, or that the Company will realize proceeds from the
sale of the GRIT Shares in a timely manner.
SOURCE Westminster Resources Ltd.