WEX Western Exploration Inc

TORONTO, Oct 8 /CNW/ -- NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES TORONTO, Oct 8 /CNW/ - Win-Eldrich Mines Limited (TSXV - WEX), a mining exploration and development company, announces the closing of a non-brokered private placement financing for gross proceeds of CDN$300,000. Under the offering, Win-Eldrich issued 1,500,000 Units at a price of $0.20 per Unit, with each Unit consisting of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.35 per share for a period of 24 months.  Win-Eldrich will have the right to accelerate the expiry date of the warrants if the closing price of its shares on the TSX Venture Exchange ("TSXV") exceeds $0.60 for a period of 30 consecutive days on which the TSXV is open for trading. The proceeds from the financing will be used to fund further exploration and development of Win-Eldrich's Ashdown molybdenum deposit, exploration of the Ashdown gold deposit and for general working capital purposes. All securities issued pursuant to the offering will be subject to a four month hold period from the date of issue. 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. p align="justify"Perry Muller, President, Win-Eldrich Mines Limited, at (402) 435-7206/p

Copyright