West Timmins Mining Announces Increase in Size of Bought Deal Private Placement to $11.5 Million
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION THROUGH U.S. NEWSWIRE SERVICES
(Vancouver, May 21, 2009) West Timmins Mining Inc. (TSX: WTM) (the "Company") announces that it has amended the agreement announced earlier today (NR09-14) entered into with a syndicate of underwriters led by Raymond James Ltd. and including Canaccord Capital Corporation, Haywood Securities Inc., and Wellington West Capital Markets Inc. (collectively the "Underwriters"), such that the Underwriters have agreed to buy, via a bought deal private placement, $11.5 million of securities of the Company (increased from $9 million), comprised of units at an issue price of $0.75 per unit and/or flow-through shares at an issue price of $0.86 per flow-through share (the "Offering"), subject to a maximum of $6.5 million of gross proceeds from the issue of flow-through shares. All other terms and conditions of the Offering will remain the same except that the over-allotment option is no longer applicable. The net proceeds raised from the Offering will be used by the Company for exploration of its mineral properties and for general working capital purposes.
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 projects in the major gold camps of North America. The Company is advancing the high-grade Rusk and Porphyry Gold discoveries on its Thunder Creek joint venture in Timmins, Ontario and continues to test the nearby 5.0 kilometre long Golden River Trend. WTM also has active gold exploration projects in Mexico, highlighted by the high-grade Lluvia de Oro gold-silver Project in Chihuahua State. 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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