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West Timmins Mining Inc.

Published : May 21st, 2009

Announces $9 Million Bought Deal Private Placement

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Keywords :   Canada | Capital Markets | G Mexico | Gold | Mexico | Silver |
May 21, 2009

    West Timmins Mining Announces $9 Million Bought Deal Private Placement

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION THROUGH U.S. NEWSWIRE SERVICES

(Vancouver, May 21, 2009) West Timmins Mining Inc. (TSX: WTM) (the "Company") announced today that it has entered into an agreement with a syndicate of underwriters led by Raymond James Ltd. and including Canaccord Capital Corporation, Haywood Securities Inc. and Wellington West Capital Markets Inc. (collectively the "Underwriters"), under which the Underwriters have agreed to buy, via private placement, $9,000,000 of securities of the Company, comprised of units at an issue price of $0.75 per unit (the "Unit") and/or flow-through shares at an issue price of $0.86 per flow-through share (the "Offering"), subject to a maximum of $5,400,000 of gross proceeds from the issue of flow-through shares.

Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each whole Warrant shall entitle the holder thereof to purchase one Common Share of the Company for a period of 18 months following the closing date at an exercise price for the Warrants of $0.95.

The Company has also granted the Underwriters an overallotment option to raise additional gross proceeds of up to $1,350,000, exercisable up to 48 hours prior to closing. The net proceeds raised from the Offering will be used by the Company for exploration of its mineral properties and for general working capital purposes.

Closing of the offering is anticipated to occur on or before June 4, 2009 and is subject to the receipt of applicable regulatory approvals including approval of the TSX. The securities issued will be subject to a standard four month hold period.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. person absent an exemption from the registration requirements of such Act. 

About West Timmins Mining Inc. (http://www.westtimminsmining.com/):

 

WTM is focussed on the exploration and development of district-scale gold projects in the major gold camps of North America. The Company is advancing the high-grade Rusk and Porphyry Gold discoveries on its Thunder Creek joint venture in Timmins, Ontario and continues to test the nearby 5.0 kilometre long Golden River Trend. WTM also has active gold exploration projects in Mexico, highlighted by the high-grade Lluvia de Oro gold-silver Project in Chihuahua State. West Timmins Mining is based in Vancouver, British Columbia, Canada and trades on the Toronto Stock Exchange under the symbol WTM.

-30-

On behalf of the Board of
West Timmins Mining Inc.

"Darin W. Wagner"

Darin W. Wagner
President and Chief Executive Officer

For further information contact:
John Toporowski, Manager, Investor Relations
West Timmins Mining Inc., Vancouver, BC
Tel: (604) 685-8311 / Toll Free: (866) 685-8311
E-mail: jtoporowski@westtimminsmining.com

The TSX has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

For further details on West Timmins Mining Inc. please refer to prior disclosure at http://www.sedar.com/. The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any U.S. state securities laws, and such securities may not be offered or sold in the United States absent an exemption from such registration requirements. 

This press release contains forward looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward looking statements is subject to a number of risks, including those described in the Company's annual information form as filed with the Canadian securities regulators which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward looking statements.

. <
Data and Statistics for these countries : Canada | Mexico | All
Gold and Silver Prices for these countries : Canada | Mexico | All

West Timmins Mining Inc.

CODE : WTM.TO
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West Timmins is a exploration company based in Canada.

West Timmins is listed in Canada and in United States of America. Its market capitalisation is CA$ 422.2 millions as of today (US$ 404.2 millions, € 269.5 millions).

Its stock quote reached its lowest recent point on November 28, 2008 at CA$ 0.13, and its highest recent level on November 13, 2009 at CA$ 3.18.

West Timmins has 140 255 000 shares outstanding.

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Annual reports of West Timmins Mining Inc.
Annual Report 2008
2008 Annual Report
Financings of West Timmins Mining Inc.
8/12/2009Receives $7.83 Million Through Exercise of Warrants
6/4/2009ANNOUNCES CLOSING OF $11.5 MILLION BOUGHT DEAL PRIVATE PLACE...
5/21/2009Announces Increase in Size of Bought Deal Private Placement ...
5/21/2009Announces $9 Million Bought Deal Private Placement
2/5/2009Announces Final Closing of Brokered Private Placement
2/3/2009WTM Announces Non-Brokered Private Placement
1/13/2009Announces $2 Million Private Placement
8/13/2008COMPLETES $1,950,000 NON-BROKERED, FLOW-THROUGH PRIVATE PLAC...
8/7/2008ANNOUNCES NON-BROKERED, FLOW-THROUGH PRIVATE PLACEMENT TO RA...
8/6/2008TO GRANT 12 MONTH EXTENSION TO AUGUST 9, 2008 WARRANTS
8/9/2007Closes $13 Million Private Placement Financing
7/23/2007Receives $2,217,547 From Early Exercise of Warrants
7/20/2007Announces $13 Million Private Placement Financing
Nominations of West Timmins Mining Inc.
9/17/2008Message from WTM's Investor Relations Manager
11/22/2007Appoints Manager, Investor Relations
Project news of West Timmins Mining Inc.
2/14/2011Melkior to Resume Drilling at Carscallen Gold Project in Wes...
11/4/2009 Intersects 118.20 Metres Grading 1.03 g/t Gold at Golden Ri...
10/28/2009Drilling Extends North Zone Gold System, Returns Multiple Hi...
7/6/2009(Thorne Property)Intersects 11.15 g/t (0.33 oz/t) Gold Over 7.30 Metres (23.9...
6/25/2009(Thunder Creek)Red Pine Exploration Updates Location Map of Costello Proper...
6/24/2009(Thunder Creek)Intersects 83,40 metres grading 12,75 g/t
6/9/2009(West Timmins)Third and Fourth Drills Added onWTM's Thunder Creek Gold Pro...
3/10/2009WTM INTERSECTS 60.50 METRES GRADING 1.03 g/t GOLD IN EXPANSI...
1/21/2009(West Timmins)DRILLING PROGRAM ACCELERATED ONWTM?S THUNDER CREEK GOLD PROP...
12/2/2008WTM REPORTS NEW HIGH GRADE INTERCEPTS FROM THE GOLDEN RIVER ...
11/27/2008(La Bufa)WTM To Seek New Partner for La Bufa Gold-Copper-Silver Proje...
11/24/2008(Allerston)WTM VESTS 51% INTEREST IN ALLERSTON GOLD PROPERTY,TIMMINS, O...
11/19/2008High Grade Rusk Gold Discovery in 3D - New Video on The Webs...
11/3/2008(Montaña De Oro)WTM VESTS 100% INTEREST INMONTA=D1ADE ORO PROJECT, SONORA, M...
9/9/2008(Lluvia De Oro)UNDERGROUND SAMPLING RETURNS AVERAGE GRADE OF 4.65 g/t GOLD,...
8/25/2008(Montaña De Oro)INTERSECTS MULTIPLE GOLD-SILVER ZONES? LA VIOLETTA OPTION=2C...
8/5/2008(Thunder Creek)22,000 Metre Diamond Drill Program Commences On WTM's Thunde...
5/28/2008(Montaña De Oro)INTERSECTS COPPER MINERALIZATION OVER 267 METRES AT MONTAÑA ...
5/13/2008(Montaña De Oro) Secures Surface Rights and Access for Exploration and Futur...
4/15/2008(Yoquivo) Retain 100% Interest in Yoquivo Gold-Silver Project
3/31/2008(Thunder Creek)Reports 8.57 g/t Gold Over 9.00 Metres from Follow-Up Drilli...
3/3/2008(La Dura West) Intersects 21.23 metres grading 1.03 g/t Gold at La Dura We...
2/14/2008(La Dura West) Intersects Additional Porphyry-style Copper-Gold-Silver Min...
2/13/2008(La Dura West)Intersects 16.64 Metres Grading 5.87% Zinc, 0.58% Copper, 20...
1/29/2008(La Dura West) Extends La Dura East Mineralized System to Three Kilometres
1/9/2008(Montaña De Oro)Drilling Returns 44.60% Zinc from WestTimmins? La Dura West ...
11/28/2007(La Dura West)Reports Highest Grade, Widest Intercepts to Date From La Dur...
10/18/2007(La Dura West) Intersects Zinc-Rich Massive Sulphide Mineralization at La ...
10/17/2007Identifies High Grade Copper-Silver Vein System at La Bufa; ...
9/25/2007(Montaña De Oro)Montañade Oro Project Update, Sonora, Mexico
9/6/2007Reports New High Grade Gold Discovery at Thunder Creek Prope...
8/1/2007High-Grade Gold Intersected on WestTimmins?Thunder Creek Pro...
6/14/2007(Montaña De Oro)Reports 18.35 Metres Grading 5.15% Zinc, 0.45% Copper, 25.65...
6/12/2007Intersects Gold-Silver Mineralization at Yoquivo
5/29/2007(Montaña De Oro)Intersects Lead-Zinc Mineralization Over 95.75 Metres atMont...
4/26/2007Intersects Massive Sulphide Zone atMontañade Oro
3/28/2007Intersects High Grade Gold Mineralization from 4800 Zone, Th...
3/20/2007(Montaña De Oro)Adds Second Drill on Montaña de Oro Project, Mexico; Announc...
Corporate news of West Timmins Mining Inc.
11/5/2009Shareholders Approve Business Combination Agreement With Lak...
10/22/2009RiskMetrics Group and Glass Lewis & Co=2E
9/4/2009 Announces Record and Voting Dates for...
8/25/2009Acquires 10 Additional Properties in the West Timmins Gold D...
8/17/2009WTM Announces Approval of Shareholder Rights and Stock Optio...
7/29/2009New Link to BNN Interview
7/28/2009WTM President Interviewed on Recent Spectacular Drilling Res...
7/10/2009WTM VESTS 100% OWNERSHIP OF LLUVIA DE ORO GOLD-SILVER PROJEC...
6/26/2009Names New Director
6/24/2009Adopts Shareholder Rights Plan
6/11/2009Announces No Material Change
1/30/2009Announces First Closing of Private Placement at $2.5 Million
12/22/2008New 3-D model of Rusk Gold Zone, Thunder Creek available on ...
12/16/2008 REPORTS 11.20 g/t GOLD OVER 10.40 METRES AT THUNDER CREEK, ...
12/16/2008WTM REPORTS 11.20 g/t GOLD OVER 10.40 METRES AT THUNDER CREE...
11/6/2008WTM REPORTS 40.75 METRES GRADING 1.88 g/t GOLD, 18.29 g/t SI...
9/29/2008EXTENDS LA DURA COPPER ZONE TO OVER 1,000 METRES,MONTA=D1ADE...
9/22/2008MULTIPLE ZONES OF GOLD MINERALIZATION INTERSECTED ON WTM'S T...
9/5/2008ON THE CUTTING EDGE OF GOLD EXPLORATION RESEARCH"
9/4/2008FINALIZES SURFACE RIGHTS ACCESS AGREEMENT?LLUVIA DE ORO, MEX...
8/19/2008A PICTURE IS WORTH A THOUSAND WORDS – THUNDER CREEK
8/12/2008EXPANDS MANAGEMENT TEAM
8/5/200822,000_Metre_Diamond_Drill_Program_Commences_On_Wtm=92s_Th?=...
7/8/2008ACQUIRES 325,000 HECTARES ALONG CAMINO ROJO – PEÑASQUITO – U...
5/21/2008Warrant Exercise and Property Sale Generate $874,000
4/10/2008Intercepts Continue to Expand WTM’s La Dura Discovery
2/20/2008Prominent Gold Miner Makes Major Investment in West Timmins ...
2/7/2008Drilling Extends Pond and West Gold Zones, West Timmins Gold...
1/7/2008Plans an Active 2008
12/19/2007Vends Trout Bay Option Position
12/4/200724.61 Grams Gold Per Tonne Intersected Over 7.0 Metres on We...
12/4/2007and Trelawney Resources Expand La Bufa Copper-Gold Project, ...
11/15/2007 to Initiate Drilling on Highway 144 Gold Property, Timmins,...
10/15/2007Drilling on WTM's Yoquivo Project Continues to Intersect Sil...
9/20/2007Launches New Website on First Anniversary
9/13/2007Continues to Intersect Gold Mineralization on Thorne Propert...
7/18/2007 Acquires One ofMexico?sHighest Grade Historic Gold Producer...
7/11/2007Gold Project Exploration Update
6/28/2007Acquires Carlin Trend Analogue in Central Mexico
6/26/2007Expands La Dura East Discovery
5/1/2007- Underground Development Begins in West Timmins District
4/11/20075 Drills Turning on WTM Gold Projects
4/5/20078,000 Metre Drill Program Begins on West Timmins’ Thunder Cr...
3/13/2007Potential on Thunder Creek
3/6/2007Drilling in Canada and Mexico Continues to Intersect Gold Mi...
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