Effective Dec. 21, 2000, Winslow Resources completed the items contemplated
at its Oct. 4, 2000, extraordinary meeting and commenced trading on the
Canadian Venture Exchange under its new name and new symbol, WLR.
The company's common shares have been consolidated on a 5-for-1 basis and
the company completed a non-brokered private placement where 273,367
postconsolidated units were sold at a price of 30 cents per unit for gross
proceeds of approximately $82,010. Each unit consists of one common share
and one share purchase warrant with every two such warrants entitling the
holder to acquire one additional share at 40 cents per share at any time
within one year from closing. The private placement shares, and any shares
acquired pursusant to the exercise of the warrants, are subject to a hold
period of one year, expiring Dec. 21, 2000.
The company will be completing a further non-brokered private placement by
the end of the year, under which the company will sell three million
shares, 2.25 million of which will be flow-through common shares and
750,000 of which will be common shares at the price of 25 cents per share.
The directors of the company are Hugh G. Ross, Gerald N. Ross, Hughes
Salat, Monzer Shawa, Saeed Sabawi and Arnie Nielsen.
The company is actively pursuing oil and gas exploration and acquisition
opportunities with the proceeds of the private placements. |
