Africa West Minerals Corp. (the "Company") is pleased to announce that, further to its news release dated February 10, 2010, it has closed a non-brokered private placement of 1,150,000 units (the "Units") at a per Unit price of $0.06 for gross proceeds of $69,000. Each Unit is comprised of one common share of the Company and one non-transferable share purchase warrant. A warrant entitles the holder to purchase an additional common share at a price of $0.10 per share until March 5, 2012, subject to accelerated expiry in certain circumstances.
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 July 6, 2010, in accordance with applicable securities legislation. The proceeds of the private placement will be used for general corporate purposes.
The President of the Company participated in the private placement, having purchased 200,000 Units, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction insofar at it involved the Company's President did not exceed 25% of the Company's market capitalization.
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.