GREY:WSEYF - Post by User
Post by
Vanboarderon Dec 18, 2012 1:59pm
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Post# 20746370
Financing
Financing
| | December 18, 2012
WellStar Announces Appointment of Additional Director and Proposed Private Placement
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| | Vancouver, B.C., December 18, 2012 -- WellStar Energy Corp. (TSX-V: WSE.H) (the "Company" or "WellStar"), is pleased to announce the appointment of Mr. Russel Murray as a director to its board of directors. Mr. Murray is the Founder and Managing Partner of the Law Offices of O. Russel Murray, PC in Denver, Colorado from 1989 to present. He has been transaction counsel for acquisitions, divestitures, and project development (oil & gas, commercial real estate, business operations) totaling over $1 billion and trial counsel in complex business litigation in over 35 states and 5 foreign countries. Mr. Murray is an Adjunct Professor (negotiation and dispute resolution classes), University of Denver, Sturm Law School. Mr. Murray obtained a BS (business/accounting), 1973: University of Colorado, Boulder, a JD cum laude, 1976: Southwestern University Law School, Los Angeles and a LLM (trade regulation), 1977: Northwestern University School of Law, Chicago as a Raymond Fellowship Recipient.
In addition, in order to raise additional working capital, the Company announces it proposes to raise up to $400,000 by way of a private placement financing of up to 2,666,667 common shares at a price of $0.15 per share. The net proceeds from the financing will be used for general working capital purposes. All securities issued in connection with the financing will be subject to a four month and a day statutory hold period, in accordance with applicable securities legislation. Finder's fees may be payable in connection with the proposed private placement financing. Closing of the financing is subject to TSXV approval. Just looked at this stock for the first time today so if anybody knows........what do they have for actual cash versus the amount of shares they'll be issueing to come up with the cash for the purchase? It won't be that great a deal if that have to issue 340 million shares for it???? |