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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 26, 2013) - Westlake Capital Ltd. ("Westlake" or the "Company") (TSX VENTURE:WLK.P), a capital pool company, is pleased to announce that it has entered into a subscription agreement, dated August 23, 2013, (the "Agreement") with RockBridge Resources Ltd. ("RockBridge") for a private placement (the "Private Placement"). Pursuant to the terms of the Agreement, Westlake will purchase approximately 3,100,000 units of RockBridge (the "RockBridge Units") at a price of $0.05 per unit, for aggregate consideration of approximately $155,000 in cash. Each RockBridge Unit shall consists of one common share and one share purchase warrant exercisable for one year at $0.10 per share, all on a post consolidation basis following a consolidation of RockBridge's common shares of four (4) current issued shares for one (1) post consolidation share. Westlake anticipates it will invest all of its available cash reserves in the purchase of the Rockbridge Units, except for such amounts as are necessary to pay current and anticipated payables and the costs of the dissolution described below. |
