TSX Venture Exchange
Shares Outstanding: 215,769,527
TORONTO, March 30 /CNW/ - NWM Mining Corporation ("NWM" or the "Company") (TSX-V: NWM) announces that it has closed tranche 2 of the private placement of 16,750,000 common shares at a price of C$0.08 per share resulting in gross proceeds of C$1,340,000. In connection with the closing of this tranche of the private placement, fees totalling C$110,000 and 1,375,000 common shares have been paid to INTAC (BVI) International Investments Ltd. NWM also paid C$12,300 to Renvest Mercantile Bancorp Inc., the fiscal agent. The common shares issued in connection with this private placement will be subject to a hold period, ending July 31, 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.
The principal subscriber to this financing is Mr. John Van De Beuken. Mr. Van De Beuken is an experienced mining engineer with a distinguished career who has developed and operated several gold heap leach and base metal mines. He recently served as an adviser on Mergers and Acquisitions to the Board of Castle Gold Corporation, prior to the Company's sale to Argonaut Gold Inc., and also serves as a director of Alamos Gold Inc. Insiders have subscribed to 3 percent of this financing.
Neither the 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 of this release.
SOURCE NWM Mining Corporation
For further information: For further information: NWM Mining Corporation at (416) 364-6799