Wilton Resources Inc. Announces Completion of Private Placement
CALGARY, ALBERTA--(Marketwire - Dec. 14, 2012) -
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Wilton Resources Inc. ("Wilton" or the "Corporation") (TSX VENTURE:WIL) is pleased to announce that, further to its press release dated December 6, 2012, it has successfully completed its previously announced non-brokered private placement (the "Private Placement").
Pursuant to the Private Placement, the Corporation issued 400,000 units of the Corporation ("Units") at a purchase price of $1.00 per Unit for gross proceeds of $400,000. 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 Common Shares are subject to a hold period under applicable securities laws until April 15, 2013.
The Corporation paid an aggregate finder's fee of $12,000.00 to certain arm's length finders in consideration for placing 400,000 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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Wilton Resources Inc.
Richard G. Anderson
President and Chief Executive Officer