Africa West Minerals Corp. (the "Company") announces that, further to its news release of January 21, 2009, it has closed a non-brokered private placement of 3,742,000 units (the "Units") at a price per Unit of $0.05 for aggregate proceeds of $187,100. Each Unit consists 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 per share price of $0.10 until February 16, 2010, subject to accelerated expiry in certain circumstances.
Shares acquired by the placees, and shares which may be acquired upon the exercise of the share purchase warrants, are subject to a hold period until June 17, 2009, 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 news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Africa West believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Africa West's management on the date the statements are made. Except as required by law, Africa West undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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