Westmin to sell treasury units

Taking advantage of a recent surge in its share price, Westmin Resources (TSE) is selling 10.3 million units from its treasury to a group of underwriters for gross proceeds of roughly $100 million.

Each unit is priced at $9.75 and includes one common share and half a common share purchase warrant. A whole purchase warrant allows the holder to buy an additional share at $12 for a 2-year period.

Westmin will use the proceeds from the issue for potential acquisitions, exploration and development.