News Release
Selwyn Resources Announces $960,000 Closing of Second Tranche of
Financing
Vancouver, BC, October 22, 2009 – Selwyn Resources Ltd. (SWN.TSX-V) (“Selwyn” or the “Company”)
announces that it has closed on the second tranche of $960,000 of the
previously-announced (September 8 and September 16, 2009) non-brokered
$7.092 million Share Offering (the “Offering”) at $0.12 per share.
The second
tranche of the Offering, 8,000,000 shares for proceeds of $960,000, is
subscribed by Best Tone Holdings Ltd. (“Best Tone”), a unit of China
Mining Resources Group Ltd. (“China Mining”). After closing the second
tranche, China Mining through Best Tone will hold 14.6% of the issued
shares of Selwyn. In the first tranche of the Offering, 51.1 million
common shares were issued to three placees for
cash consideration of $6,132,000. The first tranche closed on September
30, 2009 (see September 30, 2009 News Release).
The securities
sold in the second Tranche have a four month hold period expiring
February 23, 2010. The securities were sold pursuant to applicable
securities law exemptions.
Selwyn’s focus
is the exploration and development of its Selwyn Project in eastern Yukon
and Northwest Territories. The Selwyn Project represents one of the
largest undeveloped resources of zinc and lead in the world and is unique
in its location in the politically-attractive and stable jurisdiction of
the Yukon. It is therefore both a unique opportunity and a strategic
asset providing a long term secure supply of zinc and lead to the Pacific
Margin.
This news
release contains forward-looking statements concerning the proposed
financing and the development of the Selwyn Project. 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
or shareholder 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 the 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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