Mining Stocks; Far West Mining (TSX:FWM) Announces Increase in Private Placement
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog) - Sept. 22, 2010 - Far West Mining Ltd. (the "Company") (TSX:FWM) announced yesterday a $10 million private placement financing ("Financing") with the Pacific Road Resources Funds. The Company advises that Quadra FNX Mining Ltd. has exercised its anti-dilution right to participate in the Financing, which right was granted under its 2009 subscription agreement with the Company, and will purchase 207,835 units ("Units") at a price of $4.10 per Unit for proceeds of $852,123.
As a result of the exercise of this right and the increase in the size of the financing, the Company will now issue at closing an aggregate of 2,646,860 Units for total proceeds of $10,852,126 (the "Offering").
The Offering is scheduled to close on or about October 15, 2010, subject to customary closing conditions, including acceptance by the Toronto Stock Exchange.
Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation, acquisition, exploration and development of mining properties in Chile and Australia. For further information, investors should review the Company's filings that are available at www.farwestmining.com and www.sedar.com or contact Rick Zimmer, President & CEO or Iain MacPhail, CFO at (604) 602-9144.
FAR WEST MINING LTD.
Richard N. Zimmer, P.Eng., President & C.E.O.
This news release contains statements that constitute "forward-looking statements" within the meaning of applicable Canadian provincial securities legislation (collectively, "forward-looking statements"). Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
As a result of the exercise of this right and the increase in the size of the financing, the Company will now issue at closing an aggregate of 2,646,860 Units for total proceeds of $10,852,126 (the "Offering").
The Offering is scheduled to close on or about October 15, 2010, subject to customary closing conditions, including acceptance by the Toronto Stock Exchange.
Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation, acquisition, exploration and development of mining properties in Chile and Australia. For further information, investors should review the Company's filings that are available at www.farwestmining.com and www.sedar.com or contact Rick Zimmer, President & CEO or Iain MacPhail, CFO at (604) 602-9144.
FAR WEST MINING LTD.
Richard N. Zimmer, P.Eng., President & C.E.O.
This news release contains statements that constitute "forward-looking statements" within the meaning of applicable Canadian provincial securities legislation (collectively, "forward-looking statements"). Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Far West Mining Ltd.
Rick Zimmer
President & CEO
(604) 602-9144
or
Far West Mining Ltd.
Iain MacPhail
CFO
(604) 602-9144
www.farwestmining.com
Far West Mining Ltd.
Rick Zimmer
President & CEO
(604) 602-9144
or
Far West Mining Ltd.
Iain MacPhail
CFO
(604) 602-9144
www.farwestmining.com
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