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WMM

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Share Name Share Symbol Market Type
TSXV:WMM 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 -

West Melville Closes First Tranche of Financing

31/07/2014 10:44pm

Marketwired Canada


West Melville Metals Inc. (TSX VENTURE:WMM) ("West Melville" or "the Company")
announced today that the first tranche of the non-brokered private placement
previously announced on June 27, 2014 (News Release WMM14-05) has been closed. A
total of 4,880,000 units were issued at a price of $0.05 per unit for gross
proceeds to the Company of $244,000. 


As previously announced, each unit will consist of one common share and one
common share purchase warrant. Each common share purchase warrant may be
exercisable into one common share for a period of three years from closing at a
price of $0.15 per share, subject to the Company's right to accelerate the
exercise of the warrants if the daily volume weighted average trading price of
the common shares of the Company on the TSX Venture Exchange is equal to or
exceeds $0.35 for a period of 10 consecutive trading days during the term of the
warrant, commencing four months after the date the warrants are issued. 


The securities issued by West Melville in connection with the Offering are
subject to a four month hold period as prescribed by the TSX Venture Exchange
and applicable securities laws which expires on November 30, 2014. In aggregate,
the Company paid the following finders' fees: 124,600 shares and 124,600
finder's warrants with the same terms as the warrants issued under the private
placement. The Company intends to use the proceeds of the private placement to
conduct metallurgical test work on the Isortoq Project and for general working
capital purposes. 


About West Melville Metals Inc.

West Melville is a specialty metals exploration company working to advance the
Isortoq iron-titanium-vanadium project in Greenland and the Fraser Bay Project
in Nunavut. The Company has assembled an experienced management team with a
track record of discovery success and a Board of Directors with expertise
covering the essential fields of geology, engineering and finance. The Isortoq
Project offers a combination of low geological risk with significant upside
potential in the high value specialty metal sector.


On behalf of the Board of Directors

Rory O. Moore, Ph.D.

President and CEO

West Melville Metals Inc.

West Melville Metals Inc. is a member of the Aurora Mineral Resource Group of
companies. For more information please visit www.auroraresource.com. 


Neither the 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.


Certain disclosures in this release constitute forward-looking statements that
are subject to numerous risks, uncertainties and other factors relating to West
Melville's operations as a mineral exploration company that may cause future
results to differ materially from those expressed or implied in such
forward-looking statements, including risks as to the completion of the plans
and projects. Readers are cautioned not to place undue reliance on
forward-looking statements. Other than as required by applicable securities
legislation, West Melville expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of new
information, future events, or otherwise.


FOR FURTHER INFORMATION PLEASE CONTACT: 
West Melville Metals Inc.
Investor Relations
Toll Free 1.888.331.2269
604.646.4527
info@westmelville.com
www.westmelville.com

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