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: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 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 has determined that William has changed the nature of its business and must meet all of the original listing requirements 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 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 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 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 and is head of their Health Law Group. Prior to joining Cassels, Brock & Blackwell in May 2000, Mr. Gilbert was Director of Legal Services, 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, Queens University and McMaster University 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.