NWM Mining Corporation Announces Closing of the Previously Announced Private
Placement

    
    /THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION IN THE UNITED
    STATES./

    TSX Venture Exchange
    Symbol: NWM
    Shares Outstanding: 174,519,527
    

TORONTO, Oct. 30 /CNW/ - NWM Mining Corporation ("NWM" or the "Company") (TSX-V: NWM) is pleased to report the final closing for $1.11 million at $0.06 per unit of the previously announced non-brokered private placement, as stated in the September 30, 2009 news release. The aggregate amount of the private placement is $3.99 million. Each unit consists of one common share of NWM and one common share purchase warrant ("Warrant"). Each Warrant is exercisable for a period of twenty-four (24) months from the date of issuance at an exercise price of $0.08 per Warrant for the first twelve (12) months and at an exercise price of $0.10 per Warrant for the next twelve (12) months. After six months and one day from the date of issue, the Warrants will be subject to accelerated expiration, being expiry 30 days after the 20 day Volume Weighted Average Price of the common shares of NWM on the TSX Venture Exchange is at or above $0.12.

In connection with the final closing of the private placement, fees totalling $56,335 and 1,341,299 warrants have been paid to placement agents. The warrants paid to the placement agents have the identical terms to the Warrants comprising a part of the units. NWM also paid $11,108 to a fiscal agent.

Directors and insiders of NWM have subscribed for 1,150,000 units, which is 1.73% of the total $3.99 million raised in the private placement. The September 30, 2009 news release inadvertently noted that directors and insiders of NWM subscribed for 5,150,000 units.

The common shares and Warrants comprising the units of the private placement will be subject to a hold period, ending March 1, 2010, which is four months plus one day from the date of issuance, in accordance with the policies of the TSX Venture Exchange and applicable securities laws. The private placement offering is subject to regulatory approval and the completion of definitive documentation.

In connection with the closing of the private placement, Mr. Chris Berlet, NWM's President and CEO added "we would also like to thank Renvest Mercantile Bancorp both for the active role they have played in advising NWM and for the bridge loans provided through their Global Resource Fund".

Neither 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 release.

SOURCE NWM Mining Corporation

For further information: For further information: please contact NWM Mining Corporation at (416) 364-6799

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NWM Mining Corporation

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