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Africa West Minerals Corp. (the "Company") announces that due to current market conditions, it is not proceeding with the non-brokered private placement announced in its news release of October 7, 2008. Instead it has arranged a non-brokered private placement of up to 4,000,000 units (the "Units") at a price of $0.05 per Unit for aggregate proceeds of up to $200,000. Each Unit will consist of one common share of the Company and one-half of one non-transferable share purchase warrant, each whole warrant entitling the holder to purchase an additional common share at a price of $0.10 per share for a period of 12 months from the completion of the offering, subject to accelerated expiry in certain circumstances.
Finder's fees and warrants in amounts yet to be determined may be paid to persons who introduce the Company to investors.
Shares acquired by the placees, and shares which may be acquired upon the exercise of the share purchase warrants, will be subject to a hold period of four months plus one day from the date of completion of the financing in accordance with applicable securities legislation. The proceeds of the private placement will be used to advance the Company's mineral exploration projects.
For further information please contact: James Gillis, President
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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