WMR-TSX.V
WMRSF-OTCQX
VANCOUVER, Nov. 7, 2013 /CNW/ - Westminster Resources Ltd
announces it has settled on terms to undertake a private placement
with Global Resources Investments Ltd ("GRIL"). Westminster is seeking to raise $1,000,000 through the sale of 20,000,000 common
shares at $0.05 per share.
GRIL 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. GRIL will re-register as a public company
and be constituted as an investment trust with the name Global
Resources Investment Trust Plc ("GRIT") and seek admission of its
ordinary shares on the main market for listed securities on the
London Stock Exchange. The Main Market is the London Stock
Exchange's flagship market for larger, more established companies,
and is the world's most international market for the trading of
equity, debt and other securities with over 2,600 listed companies
from 60 countries across 40 sectors, including many of the world's
largest, most successful and most dynamic companies.
In consideration for acquiring the Westminster shares, GRIT will issue and
deliver to Westminster 601,395
ordinary shares of GRIT at £1.00 per
share (the "GRIT Shares"). Westminster will then sell the GRIT Shares
through the facilities of the London Stock Exchange to realize the
private placement proceeds. After closing of the transaction GRIT
will own 18.70% of Westminster's
issued and outstanding shares. A finder's fee commensurate with TSX
Venture Exchange policies will be paid.
Closing of the transaction is subject to a
number of conditions precedent, including approval of the TSX
Venture Exchange, and GRIT successfully listing on the London Stock
Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
WESTMINSTER RESOURCES LTD.
"Glen J. Indra"
About Westminster:
Managed by an experienced exploration team the
Company is focused on exploring and developing prospects on a land
package of approximately 51,767 hectares of contiguous mineral
concessions in Sonora, Mexico.
These concessions constitute a mineral district scale property
serviced by roads, power and water. Approximately 10,109 hectares
comprise the Cumbral-San Bartolo option project with Capstone
Mining Corp. Capstone has secured a 49% interest in the project
having spent $3.3 million to date;
Capstone Mining Corp. has the exclusive right under a formal Joint
Venture Agreement to earn a further 11% interest by expending an
additional $3 million by December 31, 2014 and can earn a further 10%
interest by expending an additional $3
million before December 31,
2015, bringing their total expenditures to $9.3 million to earn a 70% interest.
This news release may contain forward-looking
information which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other
factors that could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information. Forward
looking information in this news release may include, but is not
limited to, the Company's objectives, goals or future plans.
Factors that could cause actual results to differ materially from
such forward-looking information include, but are not limited to,
those risks set out in the Company's public documents filed on
SEDAR. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be
placed on such information, which only applies as of the date of
this news release, and no assurance can be given that such events
will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law. The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this
release.
Neither 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.
SOURCE Westminster Resources Ltd.
