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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Whitemud Resources Inc | TSXV:WMK | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.225 | 0.225 | 0.24 | 0.24 | 0.225 | 0.24 | 1,000 | 15:58:11 |
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Whitemud Resources Inc. ("Whitemud" or the "Company") (TSX VENTURE:WMK) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Thomas Weisel Partners Canada Inc. (collectively, the "Underwriters") to purchase, on a bought deal private placement basis, 2,143,000 special warrants of the Company at a price of C$7.00 per special warrant, for aggregate gross proceeds of C$15,001,000 (the "Offering"). The Underwriters will arrange for purchasers of the special warrants. Each special warrant shall be automatically exercised for no additional consideration to acquire one common share in the capital of the Company, subject to adjustment in certain events, at 5:00 pm (Calgary time) on the earlier of (a) the third business day after the date that a receipt is issued by the securities regulatory authorities in Canada for a final prospectus qualifying the ordinary shares to be issued upon the exercise of the special warrants and (b) the date that is 45 days following the Closing Date, as defined below. If the principal securities regulator has not issued a receipt for the prospectus within 45 days of the date of the closing of the offering, the holder of each special warrant shall be entitled to receive 1.1 common shares in lieu of one common share upon exercise of the special warrant. Whitemud plans to use the net proceeds of this financing for general corporate purposes. The Offering is scheduled to close on or about June 26, 2008, (the "Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The securities to be issued under this offering will be offered by way of private placement exemptions in certain provinces of Canada and in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States. About Whitemud Resources Whitemud is a Canada-based corporation that is exploiting a large kaolin deposit in southern Saskatchewan. The Company produces Whitemud(MK), a high-reactivity, cement-grade metakaolin that enhances the performance of cement used in construction and in oil and gas wells. The Company is positioned to benefit from expanding North American infrastructure needs and growing environmental pressures. Forward Looking Information This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made under the heading "Operations Update". Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Whitemud including its ability to achieve the plant facility's design capacity, deliver commercial shipments of product and the success of the solutions made to remedy equipment failures may be affected by a variety of variables and risks associated with the mining and mineral processing industry such as, loss of market, competition, ability to access sufficient debt and equity capital from internal and external sources, ability to expand in the marketplace, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Whitemud are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise. For email alerts regarding Whitemud Resources, please go to Whitemud Resources Inc. - Email Alerts.
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