GWR Drill Program Underway Extension of Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - August 10, 2015) - David H. Brett, President & CEO, GWR Resources Inc. (TSXV: GWQ) (the "Company") reports that drilling has commenced at the Company's 100% owned Lac La Hache Copper-Gold Property in the Cariboo region of central British Columbia. The drill program is focused on the Aurizon South Gold-Copper-Silver zone and aims to extend high-grade gold mineralization encountered in past drilling campaigns, such as hole AZS08-07 that intersected 6.3 grams per tonne (gpt) over 26m (including 10.4 gpt over 14m, with three 2m assays of 15 gpt). The program is expected to continue through the month of August.
Also, the Company has applied to, and has received the approval of, the TSX Venture Exchange for a 30 day extension to complete the non-brokered private placement financing announced on June 24, 2015, for gross proceeds of $400,000, extending the financing period to September 9, 2015. The Company closed the first tranche of this financing on July 23, 2015, with the issuance of 6,000,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $300,000. Each Unit consists of one flow-through common share and one warrant ("Warrant") with each Warrant entitling the holder to acquire one non-flow through common share at a price of $0.10 per share for a period of two years from the date of issue.
Closing of the financing is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The securities issuable in connection with the financing will be subject to resale restrictions for a period of four months plus one day from the closing date.
The technical contents of this news release have been reviewed and approved by Rob Shives, P.Geo., VP Exploration to the Company and a qualified person as defined in National Instrument 43-101.
GWR Resources Inc.
Per/
David Brett
President & CEO
For further information, please contact:
David Brett, Telephone: 604-682-2421
This news release may contain "forward-looking statements". All statements in this release, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploitation successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements."
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.
