MONTREAL, March 10 /CNW Telbec/ - ACFAW.COM INC. (CNSX: ACW)(C: ACW) is pleased to announce that, at its Annual and Special Meeting held in Montreal on March 3, 2010, the shareholders have approved the change of its name for St-Georges Platinum and Base Metals Ltd, and the consolidation of its common shares on a two for one basis. The effective date of the change of name and consolidation will be announced shortly, as soon as all regulatory approvals are obtained. In addition, at the meeting, the shareholders have elected the following persons to the board of directors: Mr. François H. de Beaulieu, François Dumas, Mark Billings, Peter H. Smith, Michael Curtis and Anthony Garson.
ACW is also pleased to announce a non-brokered private placement of $1,000,000.00 through the sale of 13,333,333 flow-through units at $0.075 each to the MineralFields Group. Each Unit is comprised of one common share, to be issued as a "flow-through share", and one non-flow-through common share purchase warrant, exercisable at a price of $0.25 per share no later than thirty-six months following the date of issuance. The proceeds of the private placement will be used to fund ACFAW's exploration projects in the Province of Quebec.
In connection with the issue of the Units, Limited Market Dealer Inc. will receive a cash finder's fee equal to 10 % of the proceeds of the private placement, 4% Shares, and non-flow-through finder's fee options on the same terms as the unit warrants equal to 10% of the number of units subscribed for.
"We are very pleased of continuing our relationship with MineralFields Group", said François Dumas, President and CEO. "This is an important milestone in the growth of the Company and we look forward to working with MineralFields Group as we develop our holdings in the province of Quebec."
All the securities issued pursuant to the private placement are subject to a four month hold period from the date of issuance. The private placement is subject to various regulatory approvals, including approval by the CNSX.
About MineralFields, Pathway and First Canadian Securities(R)
MineralFields Group, a division of Pathway Asset Management, based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds, including the Pathway Multi Series Funds Inc. corporate-class mutual fund series. Information about MineralFields Group is available at www.mineralfields.com.
First Canadian Securities(R), a division of Limited Market Dealer Inc., is active in leading resource financings, both flow-through and hard dollar PIPE financings, on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities(R).
Forward looking Statement:
This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.
"Neither CNSX nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release."
SOURCE ACFAW.COM INC.
For further information: For further information: Frank DUMAS, President and CEO, (514) 295 9878