Freewest Resources Canada Inc.

Freewest Resources Canada Inc.

December 07, 2007 15:30 ET

Freewest Resources Announces Private Placement for a Maximum of $800,000

Shares to be issued at $0.32

MONTREAL, QUEBEC--(Marketwire - Dec. 7, 2007) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) announces that it will issue a maximum of 2,250,000 "flow-through" common shares and 250,000 non-"flow-through" common shares to investors in Canada at a price of $0.32 per share, for maximum proceeds to Freewest of $800,000. Each share will be accompanied by one-half of a common share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one additional non-"flow-through" common share of Freewest at a price of $0.40 for a period of one year.

It is expected that Freewest will pay certain registered representatives a finder's fee equal to a maximum of 6% of the gross proceeds from the sale of shares through such registered representatives in connection with the private placement.

Freewest will use the proceeds from the private placement for the development of its projects in New Brunswick, Ontario and Quebec, and for working capital.

Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued in the private placement will be subject to a four-month hold period. The private placement is subject to regulatory approval, including that of the TSX Venture Exchange, and to the signing of definitive subscription agreements. The placement is expected to close on or before December 21, 2007.

Freewest is a well-funded mineral exploration company exploring for gold, uranium and base metals in Eastern Canada. Corporate information can be accessed on the Internet at Freewest's shares are listed on the TSX Venture Exchange under the symbol FWR.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Freewest Resources Canada Inc.
    Mackenzie I. Watson
    President and CEO
    (514) 878-3551 or 1-888-878-3551
    (514) 878-4427 (FAX)