West Timmins Mining Closes $13 Million Private Placement Financing
NOT
FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION THROUGH U.S.
NEWSWIRE SERVICES
(Vancouver, August 9, 2007) West Timmins Mining Inc. (TSX: WTM) (the
"Company") announced that it has closed a brokered private placement
financing for gross proceeds of $13,000,001 announced July 19, 2007. Cormark
Securities Inc. acted as lead agent for the financing along with a syndicate of
agents including PI Financial Corp., Canaccord Capital Corporation, Haywood
Securities Inc. and J.F. Mackie & Company Ltd. (collectively the "Agents").
Proceeds from the placement will be used for exploration and drill testing of
the Company's projects in Mexico and Canada, new property investigations and
acquisitions and for general working capital.
The
private placement raised gross proceeds of $13,000,001 through the issuance of
10,833,334 units (the "Units") at a price per unit of $1.20. Each
unit consists 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
entitles the holder thereof to purchase one Common Share for a period of 12 months
following the closing date of August 9, 2007 at an exercise price of $1.50 per
whole Warrant. All securities issued under the private placement will be
subject to a hold period expiring December 10, 2007.
The
Agents were paid a cash commission of 3.85% of the gross proceeds of the
financing.
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 U.S. persons absent an exemption from the
registration requirements of such Act.
About West Timmins Mining Inc.(www.westtimminsmining.com):
West Timmins Mining Inc. is
focused on the exploration and development of district scale gold and related
base metal projects in North America. West Timmins Mining is the largest land
holder in the West Timmins Gold District, adjacent to the 70 million ounce Timmins
Gold Camp in Ontario, Canada and recently announced a significant new gold
discovery on its Thunder Creek Property. West Timmins is also active in the
Sierra Madre gold belt in Mexico, home to the Company's
Montana de Oro, Lluvia de Oro and Yoquivo projects. Drill testing is ongoing on
the Montana de Oro project which hosts the recently announced La Dura
polymetallic discoveries and the El Rodeo Gold-Silver Zone. West Timmins is
based in Vancouver, British Columbia, Canada and trades on the Toronto Stock
Exchange under the symbol WTM.
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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:
Darin W. Wagner, President
& CEO
West Timmins Mining Inc.,
Vancouver
Tel: (604) 685‐8311 / Toll
Free: (866) 685‐8311
For further detail on West
Timmins Mining Inc. please refer to prior disclosure at www.SEDAR.com.
This press release contains forward looking statements within the
meaning of applicable under Canadian and U.S. securities regulation, including
statements regarding the future activities of the Company and planned use of
the proceeds from the financing.. Forward looking statements reflect the
current beliefs and expectations of management and are identified by the use of
words including "will", "expected to", "plans"
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.
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.
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