News Column

West Melville Announces a $350,000 Private Placement

July 1, 2014



ENP Newswire - 01 July 2014

Release date- 27062014 - Vancouver, B.C. - West Melville Metals Inc. (WMM: TSX-V) today announced that it intends to complete a non-brokered private placement of up to 7,000,000 units at a price of $0.05 per unit for gross proceeds of $350,000.

Each unit will consist of one common share and one common share purchase warrant. Each whole common share purchase warrant will be exercisable into one common share for a period of three years from closing at a price of $0.15 per share, subject to the Company's right to accelerate the exercise of the warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds $0.35 for a period of 10 consecutive trading days during the term of the warrant, commencing four months after the date the warrants are issued.

The terms and completion of the private placement are subject to TSX Venture Exchange approval.

All securities issued in the private placement will be subject to a four-month hold period from the closing of the private placement. The Company may pay finder's fees in connection with the private placement. The Company intends to use the proceeds of the private placement to conduct metallurgical test work on the Isortoq Project and for general working capital purposes.

Any participation by insiders of the Company in the private placement, which participation will be subject to the approval of the independent directors of the Company, will be on the same terms as the arm's length investors, and shareholdings of insiders in the Company will increase as a result of any such participation.

About West Melville Metals Inc.

West Melville is a specialty metals exploration company working to advance the Isortoq iron-titanium-vanadium project in Greenland and the Fraser Bay Project in Nunavut. The Company has assembled an experienced management team with a track record of discovery success and a Board of Directors with expertise covering the essential fields of geology, engineering and finance. The Isortoq Project offers a combination of low geological risk with significant upside potential in the high value specialty metal sector.

For further information about West Melville Metals Inc. or this news release, please visit our website at www.westmelville.com

Investor Contact:

Toll free: 1.888.331.2269

Email: info@westmelville.com

Cautionary Note Regarding Forward Looking Statements

Certain disclosures in this release, in particular regarding the economic potential of the Isortoq Project and the Company's interest therein, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to West Melville's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects.

Readers are cautioned not to place undue reliance on forward-looking statements. Other than as required by applicable securities legislation, West Melville expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.


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Source: ENP Newswire


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