Wilton Resources Inc. Announces Private Placement
May 10 2012 - 11:26AM
Marketwired Canada
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VIOLATION OF U.S. SECURITIES LAWS.
Wilton Resources Inc. ("Wilton" or the "Corporation") (TSX VENTURE:WIL) is
pleased to announce that, further to its press release dated April 30, 2012, it
has successfully completed its previously announced non-brokered private
placement (the "Private Placement").
Pursuant to the Private Placement, the Corporation issued 500,000 units of the
Corporation ("Units") at a purchase price of $1.00 per Unit for gross proceeds
of $500,000. Each Unit consists of one (1) common share in the capital of the
Corporation ("Common Share") and one (1) common share purchase warrant
("Warrant"). Each Warrant entitles the holder to purchase an additional Common
Share for a period of twenty-four (24) months from the date of issuance at an
exercise price of $1.25 per Common Share. If at any time prior to the expiry of
the Warrants the trading price of the Common Shares exceeds $1.25 for a period
of twenty (20) consecutive trading days, the Corporation may provide notice (the
"Notice") to the holders of the Warrants that the Warrants will expire twenty
(20) days after the date of the Notice.
The Corporation received conditional approval of the Private Placement from the
TSX Venture Exchange on May 3, 2012. The Common Shares are subject to a hold
period under applicable securities laws until September 4, 2012.
The Corporation paid an aggregate finder's fee of $15,000 to certain arm's
length finders in consideration for placing 500,000 Units under the Private
Placement.
The Corporation intends to use the net proceeds of the Private Placement to fund
its general corporate purposes and its corporate strategy of investing in and
acquiring large international oil and gas assets.
Additional information regarding Wilton Resources Inc. is available on
www.sedar.com.
FORWARD-LOOKING INFORMATION
This news release contains forward-looking information which is not comprised of
historical facts. Forward-looking information involves risks, uncertainties and
other factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this news release
includes statements with respect to the Corporation's use of proceeds from the
Private Placement. The intended use of proceeds might change if the board of
directors of the Corporation determines that it would be in the best interests
of the Corporation to deploy the proceeds for some other purpose. Undue reliance
should not be placed on such forward-looking information, which only applies as
of the date of this news release, and no assurance can be given that such events
will occur. The Corporation disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new information,
future events or otherwise, other than as required by law.
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