VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Oct. 15, 2010) - Far West Mining Ltd. (TSX: FWM) advises that it has closed the financing previously announced in September, 2010 for gross proceeds of $10,852,126.
The financing is a private placement of 2,646,860 units ("Units") at a price of $4.10 per Unit for total proceeds of $10,852,126 and was previously announced by News Releases on September 21 and 22, 2010. Each Unit consists of one common share of the Company (a "Share") and one transferable common share purchase warrant (a "Purchase Warrant"). Each Purchase Warrant entitles the holder to purchase one Share for a period of two years at an exercise price of $5.35 during the first year and at an exercise price of $5.85 during the second year. The Purchase Warrants will not be listed for trading. The Shares, Warrants and Shares issuable on exercise of the Warrants will not be subject to any hold or restricted period in Canada that extends beyond four months and one day after the closing date.
Pacific Road Resources Funds ("PRRF"), managed and advised by Pacific Road Capital Management Pty Ltd. of Sydney, Australia ("PRCM"), subscribed for 2,439,025 Units and Quadra FNX Mining Ltd. (TSX: QUX) exercised its anti-dilution participation right by subscribing for 207,835 Units. The Company paid a transaction fee of 2.5% to PRCM with respect to PRRF subscription.
The net proceeds of the financing will be used for development of the Santo Domingo Property in Chile and for exploration and working capital.
Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation, acquisition, exploration and development of mining properties in Chile and Australia. For further information investors should review the Company's filings that are available at www.farwestmining.com and www.sedar.com.
FAR WEST MINING LTD.
"Richard N. Zimmer"
Richard N. Zimmer, P.Eng. President and C.E.O.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For more information, please contact
Far West Mining Ltd. Rick Zimmer President & CEO (604) 602-9144 or Far West Mining Ltd. Iain MacPhail CFO (604) 602-9144 www.farwestmining.com
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VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Oct. 15, 2010) - Far West Mining Ltd. (TSX: FWM) advises that it has closed the financing previously announced in September, 2010 for gross proceeds of $10,852,126.
