KWG Resources Inc. (CSE:KWG) (FRANKFURT:KW6) has received subscriptions to complete the $1.5 million private placement of units previously announced, including $0.6 million in settlement of amounts payable to directors, officers, employees and consultants. KWG has closed $1.36 million of subscriptions (including the entire debt settlement) and expects to close the balance of $140,000 on or before April 29th. Each unit will comprise one new treasury share and one warrant; each warrant may be exercised to acquire a further treasury share for $0.05 at any time within five years from closing. KWG has agreed to pay finder’s fees equal to 2,000,000 units. The proceeds will be used to pay the initial costs of the feasibility study to be undertaken by China Railway First Survey & Design Institute Group Co., Ltd. and for working capital.
KWG applied for and was granted relief to the CSE’s minimum price rule. All shares issued have a hold period of four months.
KWG has a 30% interest in the Big Daddy chromite deposit and the right to earn 80% of the Black Horse chromite where resources are being defined. KWG also owns 100% of CCC which has staked claims and conducted a surveying and soil testing program, originally for the engineering and construction of a railroad to the Ring of Fire from Aroland, Ontario. KWG subsequently acquired intellectual property interests, including a method for the direct reduction of chromite to metalized iron and chrome using natural gas. The Company is prosecuting patent applications for both the direct reduction method and for a method of producing high purity chromium metal by continuous smelting.
Shares issued and outstanding: 871,418,968
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