West Point Resources Files Preliminary Prospectus on SEDAR

West Point Resources Inc., a private mineral exploration company that holds an option to acquire a 100% interest in the Ruby Range Project in the Yukon Territory, Canada, filed a preliminary prospectus with the securities regulatory authorities in British Columbia, Alberta and Ontario in connection with a proposed initial public offering of a minimum of 3,533,334 non flow-through units of the Company at a price of $0.15 per NFT Unit for aggregate gross proceeds of $780,000.

As quoted in the press release:

West Point Resources Inc. (the “Company”) is pleased to report that the Company has filed a preliminary prospectus with the securities regulatory authorities in British Columbia, Alberta and Ontario in connection with a proposed initial public offering of a minimum of 3,533,334 non flow-through units of the Company (each, a “NFT Unit”) at a price of $0.15 per NFT Unit and a minimum of 1,000,000 flow-through units of the Company (each, a “FT Unit”) at a price of $0.25 per FT Unit, the common shares of which shall qualify as “flow-through shares” as defined in subsection 66(15) of the Income Tax Act (Canada) for aggregate gross proceeds of $780,000 (the “Minimum Offering”) and a maximum of up to 6,000,000 NFT Units and up to 4,000,000 FT Units for aggregate gross proceeds of $1,900,000 (the “Maximum Offering”), provided that the Company shall not raise more than $250,000 of the Minimum Offering from the sale of FT Units or more than $1,000,000 of the Maximum Offering from the sale of FT Units. Each NFT Unit consists of one common share and one-half of one non-transferable common share purchase warrant exercisable at $0.25 cents per warrant share for a period of 60 months from the closing date of the offering. Each FT Unit consists of one common share and one-half of one non-transferable common share purchase warrant exercisable at $0.35 cents per common share for a period of 60 months from the closing date of the offering.

Click here to read the West Point Resources Inc. press release