DELTA, BRITISH COLUMBIA--(Marketwired - Jan. 14, 2014) - WestBond Enterprises Corporation (TSX VENTURE:WBE) (the "Company") is pleased to announce that it proposes to undertake a non-brokered private placement of up to 6,700,000 common shares at a price of $0.09 per common share, for gross proceeds of up to $603,000 (the "Private Placement"). The Company intends to use the funds from the Private Placement together with cash on hand and bank financing to purchase plant and equipment to vertically integrate and expand the Company's manufacturing of paper products. It is anticipated that the Company will spend approximately $7,000,000 on the expansion in the next 12 months.
Closing of the Private Placement is subject to approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Gennaro Magistrale, Chief Executive Officer, President and Director
The foregoing information contains forward-looking statements including but not limited to statements regarding a proposed private placement and the use of proceeds from such private placement. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions made by the Company, including that the Company is able to obtain regulatory approval of the private placement, and that the Company is able to complete the private placement. Although the Company considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the private placement will not be completed, and that the Company will be unable to obtain or will experience delays in obtaining any required regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.
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Chief Executive Officer, President and Director