Gowest Amalgamated Resources Ltd.
TSX VENTURE : GWA

Gowest Amalgamated Resources Ltd.

November 05, 2007 15:19 ET

Gowest Amalgamated Resources Ltd. Increases Size of Offering

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWS WIRE SERVICES

Gowest Amalgamated Resources Ltd. (TSX VENTURE:GWA) ("Gowest") is pleased to announce that further to its earlier press release dated October 26, 2007, it has determined to increase the size of its proposed non-brokered private placement financing to issue up to 4,000,000 units (the "Units") at a price of $0.25 per Unit to raise gross proceeds of up to $1,000,000.

Each Unit shall consist of one "flow-through" common share ("FT Share"), one-fifth of one non "flow-through" common share, and one-half of one share purchase warrant exercisable at $0.35 per share until December 31, 2008. The FT Shares will be "flow-through shares" under the Income Tax Act, Canada, and the proceeds raised from the sale of the Units which are attributable to the FT Shares (being $0.208 per Unit) will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act, Canada) related to the exploration programs of the Corporation.

Registrants assisting in the financing may receive a fee equal to 5% of the aggregate number of Units sold by such registrants in the financing, payable in cash and/or common shares of the Corporation.

Completion of the financing is subject to receipt of TSXV approval. All of the securities issuable in connection with the financing are subject to a hold period expiring four months and one day after the closing date.

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

Contact Information

  • Gowest Amalgamated Resources Ltd.
    Ronald J. Bradshaw
    President
    (519) 538-5858
    (519) 538-5530 (FAX)