William Closes Private Placement and Appoints Special Advisor and An Additional Board Member.Business Editors TORONTO--(BUSINESS WIRE)--May 31, 2000 William Resources Inc. (CDNX CDNX See Canadian Venture Exchange (CDNX). :GOLI.) is pleased to announce that it has completed a private placement of 7,917,000 units for $950,000 with an arm's-length investor. Each unit consists of one common share and one quarter of a warrant. Each whole warrant allows the investor to purchase an additional share at $0.20 per share for a 12-month period. "The Company's balance sheet and cash position is now strong. The mining debt has essentially been eliminated and William's working capital is healthy. This provides us with an excellent platform to expand into the technology sector," Stan Bharti, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of William stated. William is in advanced discussions on four specific transactions in the technology and bio-tech sectors and expects to announce further developments in the near future. By the time of the scheduled annual and special meeting of June 27th, 2000, William expects to have totally eliminated its debt and the Company should be well on its way towards restructuring itself as a multi-technology organization. The shareholders will also be asked to approve a name change to William Multi-Tech Inc. at the annual and special meeting. The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has determined that William has changed the nature of its business and must meet all of the original listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. of the Exchange by the earlier of the closing of one of the technology or bio-tech transactions noted above (whichever is first) and December 31, 2000. If the Company fails to meet original listing requirements by the stated deadline, the Exchange may suspend trading in the Company's shares or require the Company to delist delist To drop a security from trading on an organized exchange. Delisting may occur for a number of reasons including failure to meet an exchange's standards or placement of a new listing on another exchange. Compare list. from the Exchange. Appointment of Special Advisor and Additional Board Member Special Advisor Mr. Bryan M. Eagle, III, has been appointed as special advisor to the board of directors. Mr. Eagle has been involved in marketing and business development for Internet-based, telecommunications and new media companies for over 18 years. In 1998, Mr. Eagle founded Memphis Ventures to assist early stage companies in developing and capitalizing their ventures. Prior to Memphis Ventures, Mr. Eagle was founder, President and Chief Executive Officer of Skywire Corporation a leading provider of wireless remote monitoring (protocol) remote monitoring - (RMON) A network management protocol that allows network information to be gathered at a single computer. Whereas SNMP gathers network data from a single type of Management Information Base (MIB), RMON 1 defines nine additional MIBs that provide a products and software. Mr. Eagle was also a member of the executive management team of Cylix Communications Corporation. He began his career in 1981 as an advertising executive in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of with Ally and Gargano. Additional Board Member Nominated for Election In addition to the current directors, Gilbert S. Sharpe has been added to the slate of nominees for election to the Board at the annual and special meeting of shareholders. Mr. Sharpe is a partner with the law firm Cassels, Brock & Blackwell LLP LLP - Lower Layer Protocol and is head of their Health Law Group. Prior to joining Cassels, Brock & Blackwell in May 2000, Mr. Gilbert was Director of Legal Services legal services n. the work performed by a lawyer for a client. , Ontario Ministry of Health. Mr. Sharpe is considered one of the pre-eminent health lawyers in Canada. In addition to being the President of the Canadian Institute of Law and Medicine and Editor-in-Chief of the quarterly Health Law in Canada, he holds the rank of Professor at the University of Toronto Research at the University of Toronto has been responsible for the world's first electronic heart pacemaker, artificial larynx, single-lung transplant, nerve transplant, artificial pancreas, chemical laser, G-suit, the first practical electron microscope, the first cloning of T-cells, , Queens University and McMaster University McMaster University, at Hamilton, Ont., Canada; nondenominational; founded 1887. It has faculties of humanities, science, social sciences, business, engineering, and health sciences, as well as a school of graduate studies and a divinity college. medical schools. About William As previously announced, William has changed its focus from gold mining to technology, and is evaluating several opportunities for acquisition and/or merger in this non-resource sector. William is particularly interested in companies involved in connectivity technology, software development and Internet solutions. William is restructuring as a technology "incubator" for companies that need financing and/or management support. The Company is in discussions for an equity stake with several Internet and technology firms. "There are several successful examples of companies that have provided financial and managerial support for start ups in technology. Our Board members bring broad experience in management to William and additional opportunities to access deals in technology," said Mr. Bharti. The Annual and Special Meeting of Shareholders will be held at the Sheraton Centre Hotel, 123 Queen Street West, Toronto, Ontario at 4:30 p.m. on June 27th, 2000. |
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