Africa West Minerals Corp. (the "Company") is pleased to announce that, further to its news release dated October 9, 2009, it has closed a non-brokered private placement amounting to 1,665,000 units (the "Units") at a price of $0.06 per Unit for gross proceeds of $99,900. Each Unit is comprised of one common share of the Company and one-half of one non-transferable share purchase warrant. A whole warrant entitles the holder to purchase an additional common share at a price of $0.10 per share until December 14, 2010, subject to accelerated expiry in certain circumstances.
If at any time after April 15, 2010, the closing price for the Company's common shares is equal to or greater than $0.30 per common share, determined on a weighted average basis, for a period of twenty (20) consecutive trading days, the Company may deliver a notice (the "Notice") to the holders of the Warrants notifying them that they must exercise their Warrants within thirty (30) days from the date of such Notice, after which time the Warrants will expire.
Shares acquired by the placees are, and shares which may be acquired upon the exercise of the share purchase warrants will be, subject to a hold period until April 15, 2010, in accordance with applicable securities legislation. The proceeds of the private placement will be used for general corporate purposes and to enable completion of a technical report in compliance with National Instrument 43-101 on the Company's Nyakagwe project, located in Tanzania.
For additional information, please contact:
James T. Gillis, President
Telephone: (250) 314-0186
Jeffrey S. Ackert, VP Business Development and Exploration
Telephone: (613) 851-7699
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 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. 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, except as required by law.
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 news release.
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 OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN 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.