TSX Venture Exchange
Shares Outstanding: 197,644,527
TORONTO, Jan. 28 /CNW/ - NWM Mining Corporation ("NWM" or the "Company") (TSX-V: NWM) announces that it has closed tranche 1 of a private placement of 18,750,000 common shares at a price of C$0.08 per share resulting in gross proceeds of C$1,500,000. In connection with the closing of this tranche of the private placement, fees totalling C$150,000 and 1,875,000 common shares have been paid to INTAC (BVI) International Investments Ltd. NWM also paid C$15,000 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 May 29, 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.
James Mark Plaxton, who most recently headed up the Strategic Alternative Review (SAR) and sale of Castle Gold Corporation (TSX-V: CSG), while serving as Chairman of the Board of CSG, and is the CEO, President and CIO of INTAC Globalinvestments, commented: "NWM's exploration and production ramp up potential, combined with management's detailed plans to advance these organic growth opportunities over the next 24 months, motivated INTAC investors to significantly increase their combined investment holding in NWM. Further, NWM's Board and executive management have resolved to pursue a Strategic Alternatives Review (SAR), to actively consider and advance all acquisitive growth opportunities for NWM, in an effort to unlock shareholder value, as the organic growth plan is advanced by NWM's expanding management and technical team. INTAC client accounts and a related company hold 24,190,000 shares and 500,000 warrants in NWM, as a result of the completion of this private placement, and I look forward to the opportunity of assisting NWM's Board and executive management with the execution of its SAR."
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: please contact NWM Mining Corporation at (416) 364-6799