WTM Announces Non-Brokered, Flow-Through Private Placement to Raise $1,950,000
VANCOUVER, BRITISH COLUMBIA–(EMWNews – Aug. 7, 2008) –
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West Timmins Mining Inc. (TSX:WTM) (the “Company”) announced today that, subject to regulatory acceptance, it has arranged a non-brokered private placement of up to 3,000,000 flow-through common shares at a price of $0.65 per flow-through common share for aggregate gross proceeds of $1,950,000. The net proceeds of the private placement of flow-through shares will be used to fund the recently announced 22,000 metre diamond drill program on the Company’s Thunder Creek Property in Timmins, Ontario and for continued drill testing of the Company’s West Timmins Gold Project.
No warrants will be issued in conjunction with this financing and no finder’s fees are payable.
This non-brokered private placement is subject to regulatory approval. The securities issued in connection with this financing will be subject to a six-month hold period from the closing date of the private placement. The private placement is anticipated to close on or before August 12, 2008.
About West Timmins Mining Inc. (www.westtimminsmining.com):
WTM is focussed on the exploration and development of district-scale gold and related base metal projects in the major gold camps of North America. Drilling has recently resumed on the Company’s Thunder Creek Joint Venture in Timmins, Ontario. Drill testing of the La Dura Copper Porphyry discovery continues on the Company’s 100% owned Montana de Oro Project in Sonora, Mexico. West Timmins Mining is based in Vancouver, British Columbia, Canada and trades on the Toronto Stock Exchange under the symbol WTM.
On behalf of the Board of West Timmins Mining Inc.
Darin W. Wagner, President and Chief Executive Officer
For further details on West Timmins Mining Inc. please refer to prior disclosure at www.sedar.com. The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any U.S. state securities laws, and such securities may not be offered or sold in the United States absent an exemption from such registration requirements.
This press release contains forward looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including “will”, “expected to”, “plans”, “planned” and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward looking statements is subject to a number of risks, including those described in the Company’s annual information form as filed with the Canadian securities regulators which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward looking statements.
The TSX has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
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