West Timmins Mining Announces First Closing of Private Placement at
$2.5 Million
NOT FOR
DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION THROUGH U.S.
NEWSWIRE SERVICES
(Vancouver,
January 30, 2009) West Timmins Mining
Inc. (TSX: WTM) (the "Company") announced today that it has
closed the first tranche of a brokered private placement announced on
January 13, 2009 with Canaccord Capital
Corporation ("Canaccord" or the "Agent")
consisting of 5,137,065 units (the "Units") at a price of $0.50
per Unit for gross proceeds of CDN$2,568,533 (the "Offering").
Each Unit consists of one common share and one-half of one common share
purchase warrant (a "Warrant"). Each whole Warrant will entitle
the holder to subscribe for one additional common share at a price of $0.65
for a period of 18 months from the date of closing. This first
closing includes partial exercise of the overallotment option granted to
the Agent.
The net proceeds raised
from the Offering will be used for exploration and development of the
Company's mineral properties in Canada and Mexico and for general working
capital purposes.
The Agents have been
paid a cash fee equal to 5.8% of the gross proceeds raised and have been
granted broker warrants equal to 5.8% of the Units issued. The broker
warrants are exercisable at a price of $0.65 per share for a period of 18
months from the date of closing. The Agents have also been paid a corporate
finance fee consisting of 50,000 Units.
All securities issued
under the Offering will be subject to a standard four month hold period from
the date of closing.
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 a
U.S. person absent an exemption from the registration requirements of such
Act.
About West Timmins Mining Inc. (www.westtimminsmining.com):
WTM is focussed on the exploration and
development of district-scale gold and related base metal projects in the
major gold camps of North America. The Company is advancing the high-grade
Rusk Gold discovery on its Thunder Creek joint venture in Timmins, Ontario
where it is currently in the midst of a 22,000 metre diamond drill program.
WTM also has active gold exploration projects in Mexico, highlighted by the
Monta�a de Oro Project in Sonora, Mexico and the high-grade Lluvia de Oro
gold-silver Project in Chihuahua, Mexico. West Timmins Mining 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:
John Toporowski, Manager, Investor Relations
West Timmins Mining Inc., Vancouver
Tel: (604) 685-8311 / Toll Free: (866) 685-8311
E-mail: jtoporowski@westtimminsmining.com
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.
For further details on West Timmins Mining Inc.
please refer to prior disclosure at http://www.sedar.com/.
The securities described in this press release have not been and will not
be registered under the United States Securities Act of 1933, as amended,
or under any U.S. state securities laws, and such securities may not be
offered or sold in the United States absent an exemption from such
registration requirements.
This press release contains forward looking
statements within the meaning of applicable 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",
"planned" 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.
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