Attention Business/Financial Editors:
KWG ANNOUNCES $480,000 PRIVATE PLACEMENT
MONTREAL, June 3 /CNW/ - KWG Resources Inc. (''KWG'') announced today
that on May 29, 1998, the Company closed a private placement of units in the
amount of $480,000, with three subscribers dealing at arm's length.
Pursuant to this placement, KWG issued 3,200,000 units at $0.15 per unit.
Each unit is comprised of one common share and one common share purchase
warrant. Each purchase warrant is exercisable for a period of 18 months
following its issuance, at a price of $0.172 for the first six months and
$0.195 for the following 12 months.
The proceeds of this private placement will be used to fund exploration
work in the Dominican Republic and for working capital.
KWG has received the approval of the Quebec Securities Commission and the
Montreal Exchange for the above-mentioned private placement.
KWG is a mining exploration company currently trading (without quotation)
on the Canadian Dealing Network under the symbol KWGR. The Company has
79,435,288 issued and outstanding common shares, including the shares issued
pursuant to this private placement.
NO REGULATORY AUTHORITY HAS APPROVED NOR DISAPPROVED
THE CONTENT OF THIS PRESS RELEASE
-0- 06/03/98
For further informations: Mary Peschka, KWG Resources Inc, tel.: (416) 941-8709
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