TSX Venture Exchange
TORONTO, Nov. 28, 2012 /CNW/ - NWM Mining Corporation ("NWM" or the "Company") (TSX-V: NWM) is pleased to announce that it has engaged Sunel Securities Inc. (the "Agent") as lead agent on a best efforts basis in connection with a proposed private placement of up to 160,000,000 units at an issue price of $0.05 per unit for gross proceeds of up to $8,000,000 (the "Offering"). Each Unit will consist of one common share ("a Unit Share") and one whole common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder, on exercise, to purchase one common share at $0.10 for a term of 48 months from the closing date. The proceeds of the Offering will be used to ramp up production at the Lluvia-Jojoba project, to conduct exploration and expand resources and to pay down existing debt as well as for general working capital purposes.
The Offering is expected to close on or before December 21st, subject to the completion of satisfactory due diligence, preparation of definitive documentation, receipt of TSX Venture Exchange approval and other customary closing conditions.
The Company also wishes to announce a special meeting of its shareholders (the "Meeting"), scheduled to be held on or before February 28th, 2013 in order for shareholders to approve consolidation of the Company's common shares on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares. The consolidation requires the approval of two-thirds of the common shares represented at the Meeting in person or by proxy and will be described in greater detail in a management information circular to be delivered to shareholders. The directors of the Company believe that the consolidation is in the best interests of the Company's shareholders.
The above transactions remain subject to certain regulatory approvals, including acceptance by the TSX Venture Exchange.
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.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release includes "forward-looking information", as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, the success of exploration activities, price outlooks, production expectations and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking information.
SOURCE NWM Mining Corporation