Consolidated Westview Announces Share Consolidation, Debt Settlement and Private Placement
Suite 610, 815 West Hastings Street Vancouver, BC, V6C 1B4
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSMINATION IN THE UNITED STATES
CONSOLIDATED WESTVIEW ANNOUNCES SHARE CONSOLIDATION, DEBT SETTLEMENT AND PRIVATE PLACEMENT
May 9, 2017 – Vancouver, B.C. – Consolidated Westview Resource Corp. (TSXV: CWS.H) (the “Company”) announces that its board of directors has approved, subject to acceptance by the TSX Venture Exchange (the “Exchange”), a consolidation of the Company’s issued and outstanding common shares on a 1.5 to 1 basis., The consolidation is expected to provide the Company with a better capital structure to attract financing.
The Company currently has 3,482,191 issued and outstanding common shares, and will have approximately 2,321,461 common shares issued and outstanding post-consolidation. The Company will not be changing its name or CUSIP number in connection with the consolidation.
The Company has also arranged, subject to Exchange acceptance, a debt settlement with certain creditors to settle outstanding indebtedness totaling approximately $565,000 for an aggregate of, 2,092,593 pre-consolidated common shares at a deemed price of $0.27 per share, of which approximately 85% of the indebtedness will be settled with existing and newly created insiders.
The Company further announces, subject to Exchange acceptance, a private placement of up to 370,370 preconsolidated shares at a price of $0.27 per share for gross proceeds of up to $100,000. The net proceeds of the private placement will be used for general corporate and working capital purposes. It is anticipated that certain insiders of the Company will participate in the private placement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the proposed consolidation ratio and the terms and conditions of the debt settlement and private placement. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and competitive uncertainties; volatility of capital markets, delay or failure to receive regulatory approvals and the additional risks identified in our continuous disclosure filings with Canadian securities regulators at www.sedar.com. There can be no assurance that the share consolidation and debt settlement will proceed on the basis set forth in this news release or at all and that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
ON BEHALF OF CONSOLIDATED WESTVIEW RESOURCE CORP.
“Richard Silas”
Richard Silas, President and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Richard Silas, President Tel: 778-588-7139 Email: [email protected]