|By Marketwired .||
|July 3, 2014 09:01 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/03/14 -- West Point Resources Inc. (CSE: BLO) (the "Company") is pleased to announce that it has closed its previously announced, oversubscribed, non-brokered private placement for gross proceeds of $787,992 through the sale of 15,759,841 Units. Each Unit is comprised of one common share ("Common Share") at $0.05 cents, and one-half of one non-transferable common share purchase warrant ("Warrant") exercisable at $0.10 cents per common share for a period of 12 months from the date of closing. All warrants are subject to an early acceleration provision which provides for the mandatory exercise or expiry of the Warrants in the event West Point's shares close at $0.13 or higher for at least 10 consecutive trading days. In such event, the Warrants will accelerate and expire 30 days after the Company has given notice of the accelerated conversion to the Warrant holders.
All of the securities issued in the private placement will be subject to a securities law hold period of 4 months and a day ending on November 1, 2014. In connection with the private placement, the Company paid a cash or shares finder's fee of up to 7%. The proceeds of the private placement will be used for the development of the Cannabix marijuana breathalyzer and for working capital purposes. In accordance with CSE policy the closing will take place at market close today.
West Point is the developer of the Cannabix marijuana breathalyzer for law enforcement. The Cannabix marijuana breathalyzer provides rapid detection of THC and can be used roadside to identify drivers intoxicated by the use of marijuana. The device can also be useful for other practical applications such as testing employees in the workplace where intoxication by THC can be hazardous.
West Point Resources has submitted an application for listing of its shares for trading on the U.S. OTC markets. The Company will provide further updates in due course.
The Company further announces that Mr. Kal Mahli has joined the board of Directors. The Company has granted 2.3 million incentive stock options exercisable at $0.30 cents per share for five years to officers, directors and consultants.
We seek Safe Harbor.
On behalf of the Board of Directors
Rav Mlait, CEO
West Point Resources Inc.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.