West Timmins Mining
Announces $2 Million Private Placement
NOT FOR DISSEMINATION IN THE UNITED STATES OR
FOR DISTRIBUTION THROUGH U.S. NEWSWIRE SERVICES
(Vancouver, January 13, 2009) West Timmins
Mining Inc. (TSX: WTM) (the "Company") announced today that it has
negotiated a private placement with Canaccord Capital Corporation (the
"Agent") of up to 4,000,000 units (the "Units") at a
price of $0.50 per Unit for gross proceeds of up to CDN$2,000,000 (the
"Offering"). Each Unit will consist 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.
The Company has also granted the Agent an
overallotment option to solicit an additional 2,000,000 Units to raise
additional gross proceeds of up to $1,000,000, exercisable 48 hours prior to
closing. The net proceeds raised from the Offering will be used for
exploration of its mineral properties and for general working capital
purposes.
Closing of the offering is anticipated to occur on
or before January 30, 2009 and is subject to the receipt of applicable
regulatory approvals including approval of the TSX. The securities issued
will be subject to a standard four month hold period.
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
Email: 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 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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