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Not for distribution to U.S. news wire services or dissemination
in the United States
News Release
Selwyn Resources to Increase Up to $7,092,000 Non-brokered Share
Financing
Vancouver, BC, September 16, 2009 – Selwyn Resources Ltd. (SWN.TSX-V) (“Selwyn” or the “Company”) is
pleased to announce that it has increased the size of its offering
(previously announced on September 8, 2009) from 50,000,000 to 59,100,000
common shares at $0.12 per share to raise up to $7,092,000 in a
non-brokered private placement (“the Offering”). The securities sold will
have a four month hold period extending from the closing date of the
transaction. The securities will be sold pursuant to applicable
securities law exemptions. The Offering is subject to completion of final
documentation, and receipt of required regulatory approvals. The Offering
is expected to close before September 30, 2009.
The proceeds of
the Offering will be used for general working capital, drilling,
metallurgical studies, engineering studies and environmental activities
at the Selwyn Project. These activities will advance the Selwyn Project
while the Company continues to have discussions with various potential
strategic partners for their participation in the Selwyn Project.
This news
release contains forward-looking statements concerning the proposed
financing, development of the Selwyn Project and success of proposed
additional exploration drilling. These statements are based on
assumptions and judgments of management regarding future events or
results that may prove to be inaccurate as a result of failure to
complete the proposed financing, failure to obtain necessary regulatory
approvals, exploration and other risk factors beyond Selwyn’s control. There
can be no assurance that such forward-looking statements will prove to be
accurate as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements contained in this news
release.
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For more information
contact:
Dr. Harlan Meade, President
and CEO
Jasmin TamDoo, Manager of Investor
Communications
Telephone: (604) 801-7240
Toll-free: 1-888-989-9188
Facsimile: (604) 689-8355
info@selwynresources.com
www.selwynresources.com
Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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