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|WestBond closes $100,7000 private placement|
|July 18th 2007|
|WestBond Enterprises Corp., has closed a non-brokered private placement of 1.06 million units at a price of 9.5 cents per unit for gross proceeds of $100,700. Each unit comprises one common share and one common share purchase warrant, each warrant entitling the holder to purchase one additional common share at a price of 12.5 cents per share for a period of five years after the date of issuance.
The units and any shares issued on the exercise of the warrants are subject to a hold period that expires on Nov. 18, 2007.
WestBond intends to use the proceeds to reduce bank indebtedness and for general working capital.
As set out in the previous news release, insiders of WestBond participated in the private placement. Gennaro Magisrale, president of WestBond of 7871 82nd St., Delta, B.C., V4G 1L9, purchased 526,316 units for $50,000 cash, representing approximately 4.76 per cent of the issued and outstanding share capital of WestBond as at July 17, 2007.
Following the acquisition described above, Mr. Magisrale owns a total of 1,408,524 common shares and warrants and options to purchase in total 926,316 common shares, which if no other convertible securities of WestBond were converted, would represent approximately 19.47 per cent of WestBond's shares as at July 17, 2007 (assuming exercise of Mr. Magistrale's options and warrants).
The acquisition was made for investment purposes only. Mr. Magistrale may, depending on market and other conditions, increase or decrease his beneficial ownership, control, or direction over common shares or other securities of WestBond through market transactions, private agreements, treasury purchases, exercise of convertible securities or otherwise.
Mr. Magistrale will file a report describing the above transactions with applicable securities regulators, a copy of which will be available from WestBond at 604-940-3939 and under WestBond's profile on the SEDAR website.