West Timmins Mining Announces $13 Million Private Placement Financing
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION THROUGH U.S. NEWSWIRE SERVICES�
(Vancouver, July 19, 2007) West Timmins Mining Inc. (TSX: WTM) (the "Company") is pleased to announce that it intends to raise CDN $13.0 million by way of a brokered private placement.
The Company has entered into an agreement with Cormark Securities Inc. (formerly Sprott Securities Inc.; the "Agent"), as lead agent, along with a syndicate of agents including PI Financial Corp., Canaccord Capital Corporation, Haywood Securities and J.F. Mackie & Company Ltd. to sell on a best efforts basis up to 10,833,334 units (the "Units") (the "Offering"). Each unit will consist of one common share in the capital of the Company (a "Common Share") and one half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each whole Warrant shall entitle the holder thereof to purchase one Common Share for a period of 12 months following the closing date. The price of the units has been set at $1.20 and the exercise price of the Warrants at $1.50. The Company will pay the Agents a cash fee on closing equal to 3.85% of the gross proceeds from the offering. The securities issued will be subject to a standard four month hold period.
Closing of the offering is anticipated to occur on or before August 9, 2007 and is subject to the receipt of applicable regulatory approvals including approval of the TSX.
The proceeds of the financing will be used for exploration and drill testing of the Company's properties in Mexico and Canada, property acquisitions and maintenance and for general working capital.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S. persons absent an exemption from the registration requirements of such Act.
About West Timmins Mining Inc. - (www.westtimminsmining.com)
West Timmins Mining Inc. is focused on exploring and developing district scale gold and related base metal projects in North America. West Timmins Mining is the largest land holder in the West Timmins district, adjacent to the 70 million ounce Timmins Gold Camp in Ontario, Canada. The Company is currently in the midst of a 12,000 metre Diamond drilling program on its West Timmins Gold Project. West Timmins Mining Inc. is also active in the Sierra Madre gold belt in Mexico, home to the Company's Montana de Oro and Yoquivo projects. Drill testing is on-going on the Montana de Oro project which hosts the La Dura polymetallic discoveries. West Timmins is based in Vancouver, British Columbia, Canada and trades on the Toronto Stock Exchange under the symbol WTM.
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On behalf of the Board of West Timmins Mining Inc.
"Darin W. Wagner"�������������������������������������������������������������
Darin W. Wagner President and Chief Executive Officer
For further information contact: Darin W. Wagner, President & CEO West Timmins mining Inc., Vancouver Tel: (604) 685-8311 / Toll Free: (866) 685-8311
For further detail on West Timmins Mining Inc. please refer to prior disclosure at www.SEDAR.com.
This press release contains forward looking statements within the meaning of applicable under Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "expected to", "plans" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward looking statements is subject to a number of risks, including those described in the company's annual information form as filed with the Canadian securities regulators which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward looking statements.
The TSX has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
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