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| | April 22, 2010
WellStar Energy Announces Private Placement Financing
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| | News Release 10-03
Vancouver, B.C. -- April 22, 2010 - WellStar Energy Corp. (the "Company") is pleased to announce plans to raise gross proceeds of up to $3,000,000 through a private placement issuance of units ("Units") at a price of $0.30 per Unit. Each Unit shall consist of one common share and one common share purchase warrant. Each common share purchase warrant shall entitle the holder to acquire one common share of the Company at a price of $0.40 at any time for two years following the date of closing of the financing.
The Company intends to use the net proceeds from the financing in connection with a strategic review of possible acquisitions and for general working capital purposes.
In connection with the financing, the Company may pay finders' fees of up to 10% of the gross proceeds raised and issue that number of broker warrants equal to 10% of the Units sold (the "Broker Warrants"). Each Broker Warrant will entitle the holder to acquire one Unit at a price of $0.30 at any time for a period of two years following the date of closing of the financing.
The securities issuable on the financing, including the common shares underlying the common share purchase warrants and the Broker Warrants, will be subject to a four month hold period. Closing of the financing is subject to receipt of regulatory approval, including the approval of the TSX Venture Exchange.
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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| | You can view the Next News Releases item: Wed Sep 12, 2012, WellStar Enters into Letter of Intent to Acquire Oil & Gas Assets and Announces Private Placement
You can view the Previous News Releases item: Mon Feb 1, 2010, Grant of Stock Options
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