   |
   |
       |
 |
  | |
| West Mountain Capital Corp. Closes Debenture Financing Sep 29, 2008 CALGARY, ALBERTA--(Marketwire - Sept. 29, 2008) - West Mountain Capital Corp. (TSX VENTURE:WMT), (the "Corporation") is pleased to announce that it has closed its proposed financing. The Corporation completed a non-brokered private placement of $500,000 principal amount of 10.0% unsecured convertible debentures (the "Debentures") due and payable on the date which is 18 months from the date of issuance of the Debentures. The conversion price of the Debentures is $0.15 per common share during the term of the Debenture. It is not anticipated that any new insiders will be created, or that any change of control will occur, as a result of the private placement. The Debentures and the underlying common shares of the Corporation issued on conversion are subject to a statutory four-month hold period from the date of Closing. Insiders of the Corporation subscribed for $275,000 (approximately 55%) of the principal amount of Debentures. The Corporation has determined that exemptions (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization) are available for the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the Debentures to Insiders of the Corporation. Completion of the financing is subject to agreement of formal documentation setting out the full terms and conditions of the Debentures and all normal regulatory approvals, including approval of the TSX Venture. Proceeds of the private placement will be used for working capital purposes. The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. FOR FURTHER INFORMATION PLEASE CONTACT: West Mountain Capital Corp. Mr. Paul Antle President and CEO (709) 726-0336 Email: pantle@phaseparation.com Website: www.phaseparation.com |
|
|
© 2007 Phase Separation Solutions Inc. | Sitemap