🕐30.12.08 - 10:08 Uhr

News Release for dissemination



 


WESTSTAR ANNOUNCES
SASKATCHEWAN 18 METRE COAL PROPERTY AGREEMENT AMENDED


December 30, 2008 - Vancouver, BC: Weststar Resources Corp.

(TSX-V: WER, FKFRT: HN3) (the "Company") is pleased to have executed an amendment agreement ( the "Amendment Agreement") to the Acquisition Agreement dated June 19, 2008 with respect to the Saskatchewan Tobin Lake 18 metre Coal property.

Under the terms of the Amendment Agreement the Company will pay the Vendors a total of $1,150,000 over a 36 month period and also issue to the Vendors an aggregate of 4,000,000 common shares over 12 months, all as more particularly set below:

(a) Pay to the Vendors the sum of $1,150,000 as follows:
(i) $150,000 on signing of the Acquisition Agreement (paid);
(ii) $50,000 on the date the TSX Venture Exchange approves the Acquisition and Amendment Agreements (the "Approval Date");
(iii) $150,000 on that date which is 6 months from the Approval Date;
(iv) $200,000 on that date which is 12 months from the Approval Date;
(v) $200,000 on that date which is 24 months from the Approval Date; and
(vi) 300,000 on that date which is 36 months from the Approval Date.

(b) issue to the Vendors the aggregate of 4,000,000 fully paid and non-assessable common shares of its capital stock as now constituted (the "Shares"), as follows:

(i) 2,000,000 of the Shares upon the Approval Date; and
(ii) 2,000,000 of the Shares on that day which is 12 months from the Approval Date.

 


President, Mitchell Adam states, "We are very pleased to have come to a very workable agreement with the Vendors of the 18 Metre Coal property and we look forward to continue working closely with Dahrouge Geological Consulting Ltd.

and advancing the property in the early new year.

In addition, the Company has also granted incentive stock options to directors, officers, consultants and employees, under its Stock Option Plan, for the purchase of up to 990,000 common shares of the Company for a period of 2 years at a price of $0.10 per share, subject to TSX Venture Exchange approval.

 

On Behalf of the Board


Mitchell Adam, President
Weststar Resources Corp.

For additional information please contact the Company at 1-604-669-9330 or email:
www.weststarresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
WARNING: The Company relies on litigation protection for "forward looking" statements.

Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.

 




Products & Services | Jobs