|By Marketwired .||
|February 20, 2014 05:15 PM EST||
DELTA, BRITISH COLUMBIA -- (Marketwired) -- 02/20/14 -- WestBond Enterprises Corporation (TSX VENTURE: WBE) (the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement of common shares (the "Private Placement"). The Company issued 3,447,000 common shares at a price of $0.09 per common share, raising aggregate gross proceeds of $310,230. Certain insiders of the Company acquired common shares under the Private Placement.
The net proceeds of the Private Placement will be used to purchase plant and equipment to vertically integrate and expand the Company's manufacturing of paper products.
Mario Grech acquired 2,225,000 common shares under the Private Placement. As a result, Mr. Grech's holdings increased from 3,875,000 common shares, representing 13% of the Company's issued and outstanding shares, to 6,100,000 common shares, representing 18.3% of the Company's issued and outstanding shares. Mr. Grech acquired his common shares under the Private Placement for investment purposes and may increase or decrease his ownership of securities of the Company from time to time.
The Company did not file a material change report more than 21 days before the expected closing of the Private Placement as the details of the Private Placement and the participation therein by insiders of the Company were not settled until shortly prior to closing and the Company wished to close the Private Placement on an expedited basis for sound business reasons.
To obtain a copy of Mr. Grech's early warning report filed on SEDAR at www.sedar.com pursuant to National Instrument 62-103, please contact Gennaro Magistrale via the contact information listed below.
ON BEHALF OF THE BOARD
Gennaro Magistrale, Chief Executive Officer, President and Director
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 release.
WestBond Enterprises Corporation
7871 - 82nd Street, Delta, B.C. V4G 1L9
Tel: (604) 940-3939