KWG Closes First Tranche Of Private Placement Appoints Galipeau To Board01 Apr 2010
Montréal, Canada – KWG Resources Inc. (TSXV – KWG) reports that it has closed a first tranche of a previously announced non-brokered private placement through the sale of 39,090,000 units at $0.125 each for gross proceeds of $4,886,250. Each unit consists of one flow-through common share and one-half of a common share purchase warrant issued on a flow-through basis pursuant to the Income Tax Act (Canada). Each whole common share purchase warrant entitles the holder to purchase one non flow-through common share until March 31, 2012 at a price of $0.15. Finder’s fees totaling $390,900 were paid. All securities issued pursuant to this private placement have a hold period of four months ending August 1, 2010.
The Company also announces that René R. Galipeau has been appointed to its Board of Directors to fill the vacancy occasioned by the previously announced resignation of Michel Côté. Mr. Galipeau is the Vice-Chairman and CEO of both Nuinsco Resources Ltd and of Victory Nickel Inc.
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