Waymar Resources Ltd. has closed its previously announced private placement, pursuant to which it has issued an aggregate of 10 million units at a price of 40 cents per unit, to raise aggregate gross proceeds of $4-million. Each unit consists of one common share and one-half of one share purchase warrant. Each warrant entitles the holder thereof to acquire one common share of Waymar until June 29, 2012, at an exercise price of 55 cents per share, provided that if the closing price of the common shares of Waymar on the TSX Venture Exchange is equal to or higher than $1.10 per share for a period of 20 consecutive trading days at any time after Oct. 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.
PowerOne Capital Markets Ltd. acted as agent for the corporation in the offering and in connection therewith received an aggregate of 700,000 compensation options, each entitling the holder to acquire one unit consisting of one common share and one-half of one share purchase warrant of the corporation at an exercise price of 40 cents 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 55 cents per share, subject to the acceleration provisions.
All of the securities issued in the offering are subject to a statutory hold period expiring on Oct. 30, 2010.
Waymar has appointed Horng Dih Lee as a director of the corporation. Mr. Lee is currently the chief financial officer and corporate secretary of Eastern Platinum Ltd. 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 Toronto Stock Exchange listed), Ivanhoe Mines Ltd. and
Diamond Fields Resources Inc.
Pablo Marcet, the current president of the corporation, has also been appointed as a director of the corporation and Sean McDonald has been appointed as chief financial officer of Waymar, each in place of Gerry Feldman, who has resigned as a director and chief financial officer of Waymar, effective as of the date hereof. Mr. 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 three 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 B.C. Hydro, and manager, forecasting and revenue accounting, at Duke Energy’s gas transmission division.
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 TSX Venture Exchange.
2010 Canjex Publishing Ltd.