ComWest Enterprise Corp.
TSX VENTURE : CWP
TSX VENTURE : CWP.A

October 30, 2009 09:00 ET

ComWest Enterprise Announces Private Placement & Grant of Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2009) - ComWest Enterprise Corp. (TSX VENTURE:CWP)(TSX VENTURE:CWP.A) (the "Company") announces that the Company is proceeding with a non-brokered private placement of up to 1,000,000 units at a price of $0.20 per unit for gross proceeds of up to $200,000. Each unit will consist of one Class B common share in the capital of the Company and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one Class A restricted equity share over a two-year period, at a price of $0.20 per share. A majority of the placement may be acquired by insiders of the Company.

The net proceeds from the private placement will be used to finance the estimated $125,000 in out-of-pocket costs of the recent consolidation and for general working capital purposes.

Pursuant to the Company's stock option plan, the Company has granted directors and officers options to purchase 200,000 Class A restricted equity shares. The options are for a five (5) year term exercisable at a price of $0.20 per share.

The private placement and the stock options are subject to TSX Venture Exchange approval.

ON BEHALF OF THE BOARD

Douglas F. Good, President

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 or accuracy of this release.

Contact Information

  • ComWest Enterprise Corp. - Investor Relations
    Douglas F. Good
    President
    604 484 6628
    dgood@telus.net