Key Developments: Weststar Resources Corp (WER.V)
Latest Key Developments (Source: Significant Developments)
Weststar Resources Corp. (the "Company" or "Weststar") announced that it has acquired 100% interest in 10 mineral claims, covering approximately 600 hectares located in Quebec, Canada (the "East Miller Property" or the "Property"), adjacent to the east of Canada Carbon Inc ("CCB") historic Miller Graphite Project, which is a hydrothermal vein type graphite occurrence, and in the vicinity of Caribou King Resources Ltd. (CKR). In consideration for the Property, the Company shall make a cash payment of $2,500 and issue 2,000,000 common shares in the capital of the Company to arms-length vendors. This Agreement is subject to approval of the TSX Venture Exchange (the "Exchange"). Finder's fees may be payable subject to Exchange guidelines. Full Article
Weststar Resources Corp announced that it and Bearclaw Capital Corp. have entered into an arms-length Letter of Intent dated August 23, 2013 (the LOI) with Copper Mountain Mining Corp. (Copper Mountain), a British Columbia corporation, whereby Copper Mountain will, subject to due diligence, enter into an exclusive option agreement to acquire up to 75% undivided interest in and to 25 mineral claims located in British Columbia, Canada, known as the Axe Property. Weststar and Bearclaw currently hold the property as a joint venture (the Axe JV), in which the parties hold 70% and 30% interests, respectively. Under the terms of the LOI, Copper Mountain can earn a 51% interest in the Axe Property by incurring CDN$3,000,000 of expenditures in exploration activities on the Property by the end of the four year Earn-in Period and paying to the Company and Bearclaw (collectively, in proportion to their Participating Interests in the Axe JV): $5,000 immediately upon signing of LOI / 60 day due diligence period; $25,000 on the Commencement Date; and $50,000, $100,000, $150,000 and $200,000 on the succeeding anniversaries of the Commencement Date. Full Article
Weststar Resources Corp. announced that it intends to complete a non-brokered private placement financing consisting of 3,000,000 flow-through units (the FT Units) at a price of $0.07 per FT Unit for total gross proceeds of up to $210,000 and up to 6,000,000 non flow-through units (the "NFT Units") at a price of $0.05 per NFT Unit for total proceeds of $300,000 (the "Private Placement"). The proceeds from the flow-through portion of the Private Placement will be used to conduct the exploration program on the Company's properties located in Quebec and Ontario and the proceeds from the non flow-through portion of the Private Placement will be used to seek out potential property ventures and for general working capital purposes. Finders' fees may be payable subject to Exchange guidelines. Full Article
Canada Stockwatch News reported that the TSX Venture Exchange has granted Weststar Resources Corp. conditional approval to raise up to $280,000 through the issue of a non-brokered private placement of units at a price of 3.5 cents per unit. The amount the Company is seeking to raise has been reduced from the original announcement. Each unit will consist of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable by the holder to acquire one additional common share of the Company for a period of two years from issuance at an exercise price of seven cents per share in the first year and 10 cents per share in the second year. The proceeds of the financing will be used toward general working capital purposes and potential property ventures that meet the criteria established by the exchange. Full Article
Bearclaw Capital Corp Announces Options Axe Property Agreement With Xstrata Copper And Weststar Resources Corp.
Bearclaw Capital Corp announced that it has entered into an option agreement with Xstrata Copper Canada (a division of Xstrata Canada Corporation) and Weststar Resources Corp. dated March 21, 2012. The Company and Weststar are parties to a joint venture in which they hold the beneficial interest in 25 mineral claims located in British Columbia, Canada, known as the Axe Property, with the Company holding a 30% interest and Weststar holding a 70% interest. The Axe Property consists of 25 mineral claims (4,983 hectares), located in the Similkameen Mining division, 20 Km north of Princeton, British Columbia. The property is an advanced stage project with known porphyry copper mineralization, which has been the subject of numerous drill programs since the 1960's. Under the terms of the option agreement, the Company and Weststar have agreed to grant Xstrata an option to earn a 51% interest in the Axe Property. Pursuant to the agreement, from the date of the execution of the Option Agreement and continuing until the earlier of: (i) four years from the Commencement Date; (ii) the exercise of the Option; or (iii) the termination of the Option Agreement (the Earn-In Period'), the Company and Weststar intend to grant Xstrata the sole and exclusive right to carry out exploration activities on and evaluate the Axe Property for minerals and to grant Xstrata the Option. Full Article