MONTRÉAL, le 25 mars /CNW Telbec/ - ACFAW.COM INC. (CNSX: ACW)(C: ACW) is pleased to announce the closing of the non-brokered private placement, previously announced in its March 10, 2010 press release, for gross aggregate proceeds of $1,000,000 through the sale of 13,333,333 flow-through units at $0.075 each to the MineralFields Group. Each FT 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 closing date.
In connection with the Private Placement, Limited Marked Dealer Inc. has received as a finder's fee 533,333 "non-flow-through common shares", options to purchase 1,333,333 FT Units at a price of $0.075 no later than twenty-four months following the closing date, and a cash fee equal to 10% of the subscription proceeds.
All the securities issued pursuant to the private placement are subject to a four month hold period from the date of issuance. The proceeds of the private placement will be used to fund ACFAW's exploration projects in the Province of Quebec. Frank Dumas, president and CEO of ACFAW.COM commented: "This investment from the MineralFields Group happens at a strategic junction of our company development. As we get more aware of the potential of our Quebec North Shore properties, this placement will give us the financial resources needed to generate value on these properties. We are planning to announce a work program in the coming weeks and start work on the Isoukustouc group of properties as soon as possible."
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.
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SOURCE ACFAW.COM INC.
For further information: For further information: Paradox Investor Relations, (514) 341-0408