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| | January 27, 2010
Closing of Private Placement
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| | News Release 10-01
Vancouver, BC - January 27, 2010 - Wellstar Energy Corp. (the "Company") is pleased to announce that it has closed its private placement announced December 11, 2009. The Company has issued 20,000,000 common shares (the "Shares") at a price of $0.10 per Share for gross proceeds of $2,000,000. All securities issued are subject to a hold period expiring May 26, 2010. The proceeds of the financing will be used to settle existing debt and provide working capital.
The Company advises that Hutch Energy Corp., a company owned by Andrew H. Rees, a director of the Company, subscribed for 4,000,000 Shares. As an Insider, this subscription makes a portion of this private placement a "related party transaction" within the meaning of Ontario Securities Commission ("OSC") Rule 61-501 (the "OSC Rule") and TSXV Policy 5.9. The Issuer is relying on exemptions listed in sections 5.5(2) and 5.7(2) of the OSC Rule to exempt it from the formal valuation and minority approval requirements of the OSC Rule.
FOR FURTHER INFORMATION PLEASE CONTACT:
WellStar Energy Corp.
Andrew H. Rees President and CEO
Tel: 604-669-6463
Fax: 604-669-3041
Website: www.wellstarenergy.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 |
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