Investor Cliffs Greene is to participate to maintain 18.07% interest
By Devika Patel
Knoxville, Tenn., Nov. 15 - KWG Resources Inc. said it will raise C$3 million in a private placement of treasury stock.
Cliffs Greene BV may be the only investor, or it may buy a number of shares in the offering to maintain its 18.07% interest in the company.
Proceeds will be added to working capital to fund the drilling program at Big Daddy and ongoing engineering and assessment work on the feasibility of a railroad right-of-way by KWG's subsidiary, Canada Chrome Corp.
KWG is a mineral exploration company based in Montreal.
| Issuer: | KWG Resources Inc.
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| Issue: | Treasury stock
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| Amount: | C$3 million
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| Warrants: | No
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| Pricing date: | Nov. 15
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| Stock symbol: | TSX Venture: KWG
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| Stock price: | C$0.105 at close Nov. 12
|
| Market capitalization: | C$64.85 million
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