Aurwest Resources Announces Increase in Previously Announced Private Placement

CALGARY, AB / ACCESSWIRE / August 31, 2020 / Aurwest Resources Corporation (“Aurwest” or the “Company“) (CSE:AWR) is pleased to announce that, due to strong demand, it is increasing its previously announced private placement, as initially disclosed in the Company’s press release dated August 20, 2020, from $750,000 to $1,400,000. Pursuant to this private placement, the Company may issue up to 28,000,000 units (each, a “Units“) of the Company at a price of $0.05 per Unit for proceeds of up to $1,400,000 (the “Offering“).

Each Unit will consist of one common share (“Common Share“) of the Company and one Common Share purchase warrant (“Warrant“). Each Warrant is exercisable into one Common Share at a price of $0.10 per Common Share at anytime within 18 months following the date of issuance of the Warrant or at a price of $0.15 per Common Share if exercised by the holder any time after the initial 18 months but before the date that is 36 months from the date of issuance of the Warrant. The Company has the right to force conversion of the Warrants, if at any time from and after the date of issuance, the daily volume-weighted average trading price of the Company’s common shares on the Canadian Securities Exchange, equals or exceeds $0.20 for ten (10) consecutive trading days.

There is no minimum number of Common Shares or minimum aggregate proceeds required to close the Offering and the Company may, at its discretion, elect to close the Offering in one or more closings. Management anticipates that the Company will allocate the net proceeds of the Offering for certain working capital requirements on its Stellar copper/gold property and for other general corporate purposes.

Pursuant to the Offering, the Company may pay a finder’s fee, to eligible finders, in the amount of 5% cash commission and 10% Units.

The Offering is expected to close on or about September 14, 2020, or such date as agreed to by the Company, and is subject to certain conditions, including but not limited to, receipt of all necessary corporate and regulatory approvals. The securities issued under the Offering will have a hold period of four months and one day from the date of closing in accordance with applicable securities legislation.

There is no material fact or material change of the Company that has not been disclosed.

In addition to conducting the Offering pursuant to the Existing Security Holder Exemption and the Investment Dealer Exemption, the Offering will also be conducted pursuant to other available prospectus exemptions.

The Offering remains subject to approval by the Canadian Securities Exchange. All funds are stated in Canadian dollars.

None of the securities issued in connection with the Offering will be registered under the United States Securities Act of 1933, as amended (the “US Securities Act“), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there by any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.

About Aurwest Resources Corporation

Aurwest is a Canadian-based junior mining/exploration company focused on the procurement, exploration and development of gold, silver, and other precious and base metal properties in North America. The Company currently holds a 100% interest in the Stellar copper/gold Project, located approximately 25 kilometers southwest of Houston, British Columbia.

On Behalf Of Aurwest Resources Corporation

“Colin Christensen”

President and Chief Executive Officer

For additional information please contact:

Colin Christensen
Telephone: (403) 483-8363
Email: [email protected]

Forward-Looking Information

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as “forward-looking statements”. Forward looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE: Aurwest Resources Corporation

View source version on

Comments are closed.

Free newsletter for stock pics, interview transcripts & investing ideas