WYM Waymar Resources Ltd

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSLINE SERVICES

Waymar Resources Ltd. (TSX VENTURE:WYM) ("Waymar" or the "Corporation")
announces today that it has closed its previously announced private placement
(the "Offering") pursuant to which it has issued an aggregate of 10,000,000
units ("Units") at a price of $0.40 per Unit to raise aggregate gross proceeds
of $4,000,000. Each Unit consists of one common share and one-half of one share
purchase warrant (each whole such share purchase warrant, a "Warrant"). Each
Warrant entitles the holder thereof to acquire one common share of Waymar until
June 29, 2012 at an exercise price of $0.55 per share, provided that if the
closing price of the common shares of Waymar on the TSX Venture Exchange
("TSXV") is equal to or higher than $1.10 per share for a period of 20
consecutive trading days at any time after October 30, 2010, Waymar may
accelerate the expiry date of the Warrants to the 30th day after the date on
which notice of the accelerated expiry date is given to the holders of the
Warrants by Waymar (the "Acceleration Provisions").


PowerOne Capital Markets Limited (the "Agent") acted as agent for the
Corporation in the Offering and in connection therewith received an aggregate of
700,000 compensation options (the "Compensation Options"), each entitling the
holder to acquire one unit (a "Compensation Unit") consisting of one common
share and one-half of one share purchase warrant of the Corporation (each whole
such warrant, a "Compensation Warrant") at an exercise price of $0.40 per
Compensation Unit until June 29, 2012. Each Compensation Warrant will entitle
the holder thereof to acquire one common share of Waymar until June 29, 2012 at
an exercise price of $0.55 per share, subject to the Acceleration Provisions.


All of the securities issued in the Offering are subject to a statutory hold
period expiring on October 30, 2010.


Waymar is also pleased to announce that it has appointed Mr. Horng Dih Lee as a
director of the Corporation. Mr. Lee is currently the Chief Financial Officer
and Corporate Secretary of Eastern Platinum Ltd. (TSX: ELR). Mr. Lee obtained
his Chartered Accountant designation with Deloitte & Touche and holds an MBA
from the University of British Columbia. He has more than 25 years of experience
in finance, accounting, treasury and administration in public mining companies.
Prior to joining Eastern Platinum, he held senior financial positions with
Northern Orion Resources Inc. (formerly TSX listed), Ivanhoe Mines Ltd. (TSX:
IVN) and Diamond Fields Resources Inc.


Waymar is also pleased to announce that Mr. Pablo Marcet, the current President
of the Corporation, has also been appointed as a director of the Corporation and
Mr. Sean McDonald has been appointed as Chief Financial Officer of Waymar, each
in place of Mr. Gerry Feldman, who has resigned as a director and Chief
Financial Officer of Waymar effective as of the date hereof. Mr. Sean McDonald
is a Chartered Accountant and holds a Bachelor of Commerce degree from the
University of Natal, South Africa. Mr. McDonald has over 13 years of financial
and accounting experience and during the past 3 years, Mr. McDonald has worked
as a consultant providing financial and accounting services to various companies
in the mineral exploration, precious metals and oil and gas industries. Over the
10 years prior to this, he held various management positions in various
financial capacities, including Manager, Corporate Financial Forecasting and
Planning at BC Hydro, and Manager, Forecasting and Revenue Accounting at Duke
Energy's Gas Transmission Division.


Ms Caroline Cook has also been appointed as Corporate Secretary of Waymar
effective as of the date hereof.


Each of the Offering and the director and officer appointments noted above
remain subject to the final approval of the TSXV.

Waymar Resources Ltd (TSXV:WYM)
Historical Stock Chart
From Jun 2024 to Jul 2024

Waymar Resources Ltd (TSXV:WYM)
Historical Stock Chart
From Jul 2023 to Jul 2024