Winston Resources Inc (CNSX:WRW) To Raise $2 Million Under Private Brokered Placement

0
602

Winston Resources Inc (CNSX:WRW) recently announced that it would be conducting a non-brokered private placement, for over 2.85 million units, to be sold at $0.7 per unit. The company stated that it is looking to raise $2 million, through the transaction. It should be noted here that each unit is comprised of a common share of WRW’s stock and a warrant to purchase a common share.

The company further revealed that each warrant is exercisable at CAD$1.05 and is valid for a period of 2-years, from the date of issuance. Moreover, it has been revealed that Winston plans to use the proceeds as general working capital and for potential acquisitions. Earlier, WRW appointed Michael Young to its board of directors, in place of the outgoing director and CEO, Sean Bromley. However, the position of the CEO would be filled by another board member, Quinn Field-Dyte. The board thanked Mr. Bromley for his services and wished him well for his future.

Winston noted that the new director has over 20-years of experience, in varying capacities of executive management and is also a member of several company boards. He is also known for having served in both private and public companies and is also credited with having raised over $50 million, in capital, throughout his career. The company also stated that Mr. Young has a network of domestic and international investors that has helped him spearhead growth strategies, for several companies.

The recent appointment does make sense for Winston, as it works towards raising capital and implementing internal cost controls. However, unfortunately neither the appointment nor the recent capital raise program, seems to have helped the stock. One of the main reasons for this could be the fact that investors are still unaware of the future development plans of the company.

Winston Resources Inc (CNSX:WRW) declined by 2.74%, in terms of its share value, by the end of the April 24 trading session, to close at a share price of $0.71.

This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.